BoG engages UK-Ghana Chamber of Commerce on forex guidelines

Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, says sustained dialogue with the private sector is key to effective foreign exchange regulation.

Dr. Asiama met members of the UK-Ghana Chamber of Commerce (UKGCC) at the central bank’s headquarters in Accra to discuss guidelines issued under the Foreign Exchange Act, 2006 (Act 723).

He described the engagement as part of the Bank’s broader effort to ensure clarity, transparency and collaboration in implementing its foreign exchange directives.

“It is therefore imperative that we leverage platforms, like this one, to explain our policies and initiatives and receive feedback that become an essential input for policy decision making,” he said.

According to the Governor, the meeting offered an opportunity to clarify the intent and application of the guidelines, while listening to concerns and suggestions from businesses operating in Ghana.

“The purpose of this meeting is to provide an important opportunity to clarify the intent and application of the guidelines, listen to feedback from your members on anticipated challenges and opportunities, and explore areas of collaboration to ensure smooth and effective implementation,” Dr Asiama stated.

He emphasised that the central bank values open interaction with stakeholders, particularly business groups that play a significant role in trade and investment flows between Ghana and the United Kingdom.

“We appreciate occasions like this, where we interact with business communities in an open, constructive and transparent way,” he noted, adding that such engagements strengthen trust between policymakers and the private sector.

Dr Asiama reiterated that the foreign exchange directives are aimed at promoting discipline and predictability in the market.

“The foreign exchange directives constitute an important part of a broader policy framework which are aimed at deepening market discipline, ensuring efficient foreign exchange management, and creating a predictable environment for trade and investment,” he explained.

The UKGCC, which has over 230 member companies across various sectors, serves as a key conduit for UK investment into Ghana.

The Bank of Ghana maintains that sustained engagement with institutions such as the Chamber is critical to building a resilient economy and ensuring that regulatory measures support business growth.