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Banking Consultant Dr. Richmond Atuahene has thrown his support behind plans by the newly sworn-in Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, to review the country’s Foreign Exchange Act.
Speaking on Prime News on ABC News GH, Atuahene emphasized the need for immediate reforms to address loopholes that have contributed to leakages in the foreign exchange system.
“At the time it was formed, trade had not been liberalized as it is today. The economy had not expanded like today,” he explained, stressing that the law, which was introduced in 2006, is outdated and must be revised to reflect current economic realities.
Dr. Asiama, during his swearing-in ceremony on February 25, highlighted exchange rate stabilization as a key priority for his administration.
Ghana’s foreign exchange market has faced significant challenges in recent years, with increasing reliance on remittances rather than traditional exports like gold and cocoa.
“In 2023, gold and cocoa brought us $2.7 billion, while remittances alone captured by the BoG brought us $2.8 billion,” Atuahene pointed out, illustrating the growing importance of properly regulating foreign exchange flows.
Atuahene further warned that without stricter oversight, Ghana’s foreign exchange sector could continue to suffer from inefficiencies.
“We need to up our game in foreign exchange,” he urged, calling on the new BoG Governor to act swiftly.
He argued that by closing the loopholes in the system, Ghana can better protect its currency reserves, strengthen the cedi, and improve the Balance of Payments.
