The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has announced that a new foreign exchange law will be enacted as part of efforts to strengthen the country’s banking sector.

According to Dr Asiama, this initiative is one of six key interventions he plans to implement during his tenure as governor, all aimed at transforming the banking sector.

“We will implement strategic interventions, including the enactment of a new foreign exchange law to replace the Foreign Exchange Act 2006 (Act 723),” he revealed at the Jubilee House on Tuesday, February 25 after the President, John Mahama swore him into office alongside the First Deputy Governor.

The Foreign Exchange Act 2006 (Act 723) is the primary legislation that regulates foreign exchange transactions in Ghana.

It outlines the rules for buying, selling, and transferring foreign currencies within the country, as well as for international payments. It also provides guidelines for controlling the movement of foreign exchange and ensuring compliance with laws governing currency exchange and remittances.

Dr Asiama stated that once this new law is enacted, the banking sector will experience significant progress in foreign exchange trading.