Government is supporting the Bank of Ghana to review the country's foreign exchange laws to help halt the dollarization of the economy. 

Joy Business gathers that a bill would soon be laid before Parliament for the necessary amendment to be carried out.

The foreign exchange law regulates the use of foreign currencies and transactions in a particular country and also outline measures to protect the local currency from depreciation.

Sources say the current foreign exchange law still has some loopholes that make it difficult to sanction persons and institutions that breach the laws.

The review would help make the laws conform to current trends in the economy and the world. 

In an unrelated development, government would in the coming days be announcing some incentives for farmers and exporters to help improve the country's export earnings.

The move is part of short to medium term measures to shore up Ghana's foreign exchange reserves in the wake of the depreciating local currency.

The country’s reserves currently stands at  a little over 5 billion dollars, however analyst say this is not enough looking at the current developments in the economy. 

The package would also support farmers in some sectors to up their produce to help meet local demand.

Trade and Industry Minister, Haruna Idrissu tells Joy Business he is hopeful this would help increase the country's reserves substantially.

He also announced some measures being adopted to prevent the dumping of goods into the economy.

“I am working towards the establishment of an institutional legal framework for the establishment of the international trade commission, the body to deal with anti-dumping,” he said, adding that a bill on the commission would soon be sent to Parliament.

The country is said to be spending a little over 1 billion dollars annually to import food stuffs to meet the country's demand.