Foreign Exchange Act, 2006 (Act 723)
The Bank of Ghana may require resident persons or businesses in the country to provide details of their foreign exchange transactions or file prescribed returns with those details.
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- Act 723
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Statute overview
About this statute
The Bank of Ghana may require resident persons or businesses in the country to provide details of their foreign exchange transactions or file prescribed returns with those details. The Bank of Ghana is responsible for implementing this Act and may delegate its powers, except those in section 20. A person may not deal in foreign exchange without a licence, and the Bank can prescribe who is competent and issue or renew licences subject to its conditions. Applications for a foreign exchange dealing licence must be made to the Bank. The Bank must grant a licence within 60 days if the applicant meets the licence conditions and pays the prescribed fee; the licence may be used for specified foreign exchange business, and the Bank must publish licencee details.
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Provisions of Foreign Exchange Act, 2006 (Act 723)
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- 1 Verify source ↗
Authority of Bank of Ghana
The Bank of Ghana may require resident persons or businesses in the country to provide details of their foreign exchange transactions or file prescribed returns with those details.
Section 1—Authority of Bank of Ghana (1) The Bank of Ghana is the licensing, regulatory and supervisory authority to give effect to this Act. (2) The Bank may require a person who is resident or who conducts business in the country to (a) furnish the Bank with details of part or the whole of that person's foreign exchange transactions; or (b) provide returns in a form prescribed by the Bank accompanied with details of that person's foreign exchange transactions. - 2 Verify source ↗
Responsibility of Bank of Ghana
The Bank of Ghana is responsible for implementing this Act and may delegate its powers, except those in section 20.
Section 2—Responsibility of Bank of Ghana (1) The Bank is responsible for the implementation of this Act. (2) The Bank may, delegate to a person or class of persons the exercise of any of the powers conferred on the Bank under this Act, except the powers in section 20. (3) The Bank may by notice make rules, issue guidelines and manuals and request information to ensure the effective implementation or this Act. - 3 Verify source ↗
Requirement of licence
A person may not deal in foreign exchange without a licence, and the Bank can prescribe who is competent and issue or renew licences subject to its conditions.
Section 3—Requirement of licence (1) A person shall not engage in the business of dealing in foreign exchange without a licence issued under this Act. (2) The Bank shall prescribe the banks or other corporate bodies or persons that it considers competent to engage in the business of dealing in foreign exchange. (3) The Bank shall issue or renew a licence to engage in the business of dealing in foreign exchange subject to conditions that the Bank shall determine from time to time (4) The business of dealing in foreign exchange includes the (a) purchase and sale of foreign currency, (b) receipt or payment of foreign currency, (c) importation and exportation of foreign currency, and (d) lending and borrowing of foreign currency. - 4 Verify source ↗
Application for a licence
Applications for a foreign exchange dealing licence must be made to the Bank.
Section 4—Application for a licence (1) An application for a licence to engage in the business of dealing in foreign exchange shall be made to the Bank. (2) An application shall be made in the form prescribed by the Bank and accompanied with information that the Bank may specify. - 5 Verify source ↗
Grant of licence
The Bank must grant a licence within 60 days if the applicant meets the licence conditions and pays the prescribed fee; the licence may be used for specified foreign exchange business, and the Bank must publish licencee details.
Section 5—Grant of licence (1) The Bank shall grant a licence to the applicant within sixty days after the receipt of the application, if it is satisfied that the applicant has (a) satisfied the conditions required for a licence, and (b) paid the prescribed licence fee. (2) The licence may be used by the applicant to engage in the business of (a) buying and selling bank notes, coins and traveller's cheques in foreign currency, (b) electronic units of payment, and (c) any other activity that the Bank may determine. (3) The Bank shall cause to be published in the Gazette and any other news media of national circulation, that the Bank determines, the names of licencees and the foreign exchange business for which licences have been granted. (4) A licence is valid for one year from the date of issue unless it is renewed. - 6 Verify source ↗
Refusal of licence
If the Bank refuses a licence application, it must notify the applicant in writing with reasons within three months. The refused applicant may petition the Minister, who must refer the matter to a three-expert panel for a report and determination.
Section 6—Refusal of licence (1) Where the Bank refuses to grant a licence to an applicant, the Bank shall inform the applicant in writing of its decision and the reasons for the decision within three months after the receipt of the application. (2) A person whose application is refused may petition the Minister in writing. (3) The Minister shall refer the matter to a panel of three experts one of whom shall be nominated by the Bank and the other two nominated by the Minister. (4) The panel shall prepare a report and submit it to the Minister for determination. - 7 Verify source ↗
Conditions of licence
A licence to deal in foreign exchange is subject to the conditions in the licence, and the Board may change those conditions or add more.
Section 7—Conditions of licence (1) A licence to engage in the business of dealing in foreign exchange is subject to the conditions specified in the licence. (2) Without limiting the power to suspend or revoke a licence the Board may vary a condition or restriction or at any time impose further conditions or restrictions in respect of a licence that has been granted or renewed under this Act. - 8 Verify source ↗
Register of licences
The Bank must keep and maintain a register of licences.
Section 8—Register of licences The Bank shall keep and maintain a register of licences that contains details of the licences granted, to monitor and regulate licensed dealers. - 9 Verify source ↗
Non-transferability of licence
A person must not transfer a licence granted by the Bank.
Section 9—Non-transferability of licence (1) A person shall not transfer a licence granted by the Bank to another person. (2) A person who transfers a licence granted by the Bank commits an offence and is liable on summary conviction to a fine of not less than five hundred penalty units or to a term of imprisonment of not less than two years or to both. - 10 Verify source ↗
Renewal of licence
A licence renewal application must be filed with the Bank at least 60 days before the licence expires, and in the form the Bank تعیینes.
Section 10—Renewal of a licence (1) An application for the renewal of a licence shall be made to the Bank not later than sixty days prior to the expiry of the licence and shall be made in the manner determined by the Bank. (2) The Bank may extend the period of application for renewal of a licence for a licensed dealer for a period of not more than three months to enable the licensed dealer comply with directives of the Bank in pursuance of this Act. (3) The extension of the period of application for the renewal of licence by a licensed dealer shall be subject to the conditions that the Bank considers appropriate. - 11 Verify source ↗
Suspension and revocation of licence
The Bank may suspend or revoke a licence if the licensee has breached this Act or its Regulations.
Section 11—Suspension and revocation of licence (1) The Bank may suspend or revoke a licence issued under this Act where the licensee has contravened the provisions of this Act or Regulations made under it. (2) The Bank may, suspend a licence for a specific period or determine conditions or restrictions for the licence instead of revoking the licence. - 12 Verify source ↗
Conditions for revocation of licence
The Bank may revoke a licence if the licensee fails to use it, gives false or undisclosed material information, ignores a directive, stops qualifying, engages in malpractice or irregularity, or becomes insolvent.
Section 12—Conditions for revocation of licence The Bank may revoke a licence on behalf of the Bank where the licensee (a) fails to utilize the licence within ninety days after the date of issue of the licence; (b) fails to disclose in the application for the grant, extension or renewal of a licence, material information known to the licensee or reasonably expected to have been known to the licensee; (c) has provided material information for an application for a licence which is false in a material particular; (d) has not complied with a directive issued under this Act (e) has since the issue of the licence, ceased to qualify for the licence (f) is found by the Bank to have engaged in malpractice or irregularity in the management of the business of dealing in foreign exchange; and (g) is placed under liquidation, receivership or is adjudged bankrupt. - 13 Verify source ↗
Notice of suspension, revocation or variation of licence
The Bank must give a licensee notice, reasons, and a chance to respond before suspending, revoking, or varying a licence or its conditions.
Section 13—Notice of suspension or revocation or variation of licence (1) Where the Bank intends to suspend, revoke or vary a licence, the conditions or restrictions of the licence, the Bank shall give the licensee (a) fourteen days notice prior to the suspension, revocation or imposition of conditions or restrictions, (b) reasons for the intention of the Bank to suspend revoke or vary a licence, and (c) an opportunity to make an oral or written representation to oppose the intended action of the Bank." (2) A licensee who receives a notice may make the representation within fourteen days working days from the date of receipt of the notice. (3) The Bank shall within thirty days after the representation take a decision on the representation and inform the licensee. - 14 Verify source ↗
Review and appeal PART II—Provisions related to the conduct of foreign exchange business
An aggrieved person may ask the Bank to review certain licence decisions, and if dissatisfied or if the Bank does not decide within 30 days, may appeal to the Court.
Section 14—Review and appeal (1) A person aggrieved by (a) a variation of a licence (b) a rejection or refusal of the Bank to renew that person's licence, or (c) a suspension or revocation of a licence, may submit a petition to the Bank for a review of its decision. (2) The Bank shall after receipt of the petition review its decision and respond to the petition within thirty days. (3) A person who is dissatisfied with the decision of the Bank or with the failure of the Bank to make a decision within thirty days, may, appeal to the Court. PART III—Provisions related to the conduct of foreign exchange business - 15 Verify source ↗
Foreign exchange business and international payments
Foreign-currency payments and foreign-exchange transfers to or from Ghana must go through a bank or an authorised/licensed dealer; exporters who do not repatriate proceeds through an external bank commit an offence and may be fined or imprisoned.
Section 15—Foreign exchange business and international payments (1) Each payment in foreign currency, to or from Ghana between a resident and a non resident, or between non residents, shall be made through a bank. (2) Without limiting subsection (1), payments for merchandise exports from Ghana shall be made through the bank of the non resident to the exporter's bank in Ghana. (3) Each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorised dealer. (4) An exporter who fails to repatriate proceeds from merchandise experts, through an external bank, commits an offence and is liable on summary conviction to a fine of not more than five thousand penalty units or to a term of imprisonment of not more than ten years or to both. - 16 Verify source ↗
Requirement of permission for the payment or transfer of foreign currency
The Bank may require a bank to get the Bank’s permission before making certain payments, and permission is granted only if the payment is consistent with the laws of the country.
Section 16—Requirement of permission for the payment or transfer of foreign currency (1) Where the Bank has reason to believe that an offence in contravention of this Act is likely to be committed or has been committed, the Bank may require a bank to obtain the permission of the Bank prior to the execution of any payment under subsection (1) of section 15. (2) The pemission shall be granted solely on the basis of a determination by the Bank that the payment is consistent with the laws of this country. - 17 Verify source ↗
Power of Bank of Ghana to regulate foreign exchange business and transfers between residents and non residents
The Bank may make rules, by notice, requiring licensed foreign exchange businesses or transfer providers to provide specified information.
Section 17—Power of the Bank to regulate foreign exchange business and transfers between residents and non residents (1) The Bank may, by notice, make rules to prescribe information required by the Bank from a person licensed to carry out foreign exchange business or foreign exchange transfers between residents and non-residents in connection with the conclusion of a transaction that involves (a) foreign currency, (b) the maintenance of bank accounts within or outside Ghana, and (c) the settlement of the payment by a resident or non resident. - 18 Verify source ↗
Power of the Bank to impose restrictions on the importation or exportation of foreign exchange
The Bank may give notice and make rules restricting the import or export from Ghana of certain cash-like instruments and securities.
Section 18—Power of the Bank to impose restrictions on the importation and exportation of foreign exchange (1) The Bank may, by notice, make rules to impose restrictions on the importation or exportation from Ghana of (a) bank notes, (b) bank coins, (c) travellers cheques, (d) electronic units of payment, and (e) securities in the denomination of local currency or the currency of another country. - 19 Verify source ↗
Conditions for carrying out the business of foreign exchange transfer
The Bank may issue a notice to make rules setting the conditions for carrying on foreign exchange transfer business.
Section 19—Conditions for carrying out the business of foreign exchange transfers The Bank may, by notice, make rules to prescribe the conditions required to carry out the business of foreign exchange transfers. - 20 Verify source ↗
Imposition of temporary restrictions PART III—Enforcement and compliance
The Governor, acting with the Minister, may make temporary rules to restrict certain exchange-related payments and foreign-currency dealings when balance-of-payments conditions are severely deteriorating; the Bank must publish the reasons in the Gazette within 14 days.
Section 20—Imposition of temporary restrictions (1) Where the Governor determines that the country is experiencing or has experienced a severe deterioration in its balance of payments that "requires the temporary imposition of exchange controls beyond measures provided for in sections 17, 18 and 19, the Governor in consultation with the Minister may, by notice make rules to restrict (a) payments between (i) residents and non residents, or (ii) non-residents; (b) payments to or from the country; (c) the acquisition, holding, and use in the country of foreign currency or traveller's cheques by persons including residents; and (d) the frequency at which the acts of purchase and sale of foreign exchange may be effected in the country. (2) The rules shall remain in force for a period of not more than three months. (3) Despite subsection (2) the Governor in consultation with the Minister may extend the time frame designated for the operation of the rules for a period of not more than three months and for any subsequent period that the Governor in consultation with the Minister may determine. (4) The Bank shall within fourteen days after any rules are made cause to be published in the Gazette, the reasons for the imposition of restrictions. PART V—Enforcement and compliance - 21 Verify source ↗
Provision of information by banks
The Bank may require banks in writing to provide information or records for supervision and monitoring, and banks or authorised dealers must comply.
Section 21—Provision of information by banks (1) The Bank shall, for purposes of supervision and monitoring, require a bank in writing to submit to it any information or data that relates to (a) the assets, liabilities, income and expenditure of the bank and (b) any of that bank's affairs in the prescribed form, at intervals and within the time frame that the Bank may stipulate. (2) A bank or any other authorised dealer which is required to submit information or data shall comply with the requirement. (3) A bank or any other authorised dealer required by a direction to furnish information which is stored in a computer or any other electronic media, shall in addition produce books, accounts or other documents in that bank's possession or control that may be required by the Bank. (4) A bank or any other authorised dealer that refuses to furnish information or produce books, accounts or other documents, commits an offence and is liable on summary conviction to a fine of not less than five hundred penalty units or to a term of imprisonment of not less than four years or to both. - 22 Verify source ↗
Provision of information by persons
The Bank may require a person to give information in writing, and the person may also have to produce related books or documents. Failure to comply is an offence.
Section 22—Provision of information by persons (1) The Bank may, give directions in writing to require a person to furnish the Bank, or a designated person with any information in that person's possession or control which the Bank or the designated person may require to secure compliance with or to detect an offence in contravention of this Act. (2) The Bank may specify that the information be provided within a specified period and in the prescribed form. (3) A person required to furnish information which is stored in a computer or any other electronic media shall in addition produce books, accounts or other documents in that person's possession or control that may be required by the Bank or by the person designated to require the information. (4) A person who fails to furnish the information or produce the document as required, commits an offence and is liable on summary conviction to a fine of not more than five hundred penalty, units or to a term of imprisonment of not more than four years or to both. - 23 Verify source ↗
Court orders and admissibility of evidence
A court may order an offender to give information or produce a document within a specified period, in addition to any sanction for the offence.
Section 23—Court orders and admissibility of evidence (1) A Court may in addition to a sanction imposed for an offence committed under this Act, make an order for the offender to comply with the requirement to give information or to produce a document within a specified period. (2) The piece of information or a document obtained in accordance with sections 21 and 22 is admissible in evidence for the prosecution of the person from whom it was obtained. - 24 Verify source ↗
Search and seizure
The court may issue a search warrant for specified premises or transport, and authorised officers may search, seize evidence or documents, and use reasonable force. Seized money must be deposited with the Bank by the next working day.
Section 24—Search and seizure (1) If the Court is satisfied by information given under oath by a person authorised by the Bank to act for the purpose to determine (a) that an offence under this Act has been or is being committed and that evidence of the commission of the offence has been found at the premises specified in the information or in the vehicle, vessel, aircraft or any other means of transport specified in the information, or (b) that a document required to have been produced under sections 22 and 23 and which has not been produced, may be found at the specified premises or in the specified vehicle, vessel or aircraft, the court may issue a search warrant authorising a police officer or an officer of the Customs, Excise and Preventive Service or the Immigration Service together with any other person indicated in the warrant, to enter at any time within one month from the date the warrant was issued (c) the premises specified in the information, or (d) any premises upon which the vehicle, vessel or aircraft maybe as specified in the information. (2) A person authorised by the warrant to search premises or the vehicle, vessel or aircraft, may (a) search any person who is found in, or who the authorized person has a reasonable ground to believe has recently left or is about to enter the premises or the vehicle, vessel or aircraft. (b) seize (i) property found on that person or on the premises or in the vehicle, vessel or aircraft, which the authorised person has reasonable ground to believe to have been used in connection with the commission or to be evidence of an offence under this Act; or (ii) any document which the authorised person has reasonable ground to believe should have been produced as required by sections 21 (3) and 22 (2), (3) An authorised person may use reasonable force to exercise a power mandated by a warrant. (4) Where there is a reasonable ground to suspect that a person has committed an offence under this Act, a police officer or an officer of the Customs, Excise and Preventive Service or the Immigration Service shall seize any property in that person's possession or control which appears to that police officer or that officer of the Customs, Excise and Preventive Service or officer of the Immigration Service to be (a) relevant evidence, or (b) to have been used in connection with the commission of an offence in contravention of this Act. (5) Where moneys are seized, the seizing authorities shall deposit the money with the Bank by the next working day. - 25 Verify source ↗
Notice
If property is seized after a search, the seizing person must give the owner written notice within one month, unless one of the stated exceptions applies.
Section 25—Notice (1) Where property has been seized as a result of a search, the person who effected the seizure shall, within one month after the seizure, give notice in writing of the seizure and the reasons for the seizure to the owner of the property. (2) The requirement of notice is not applicable where (a) the property was seized in the presence of the owner, (b) the owner of the property cannot be identified, or (c) within one month after the seizure, a person is charged with the offence for which the property has been seized. (3) Where property has come into the possession of a prescribed authority and a period of one month has lapsed from (a) the date of seizure, or (b) the date of notice of the seizure if the notice has been given, the property shall, by order of Court, be forfeited to the Republic unless, within that period, the owner has claimed the property by giving notice of the claim in writing to the Bank. (4) Where the Bank has received a notice of claim and a period of three months has elapsed from the date of receipt of the notice, the property shall be released to the owner unless, within that period, the Republic has instituted proceedings in a Court for the forfeiture of the property. - 26 Verify source ↗
Recovery forfeiture
A court may order property forfeited to the Republic if it finds the property was used in connection with an offence under the Act.
Section 26—Recovery or forfeiture (1) Where proceedings for the recovery or forfeiture of property have been instituted in a Court, the Court may order the property to be forfeited to the Republic if the Court finds that the property was used in connection with the commission of an offence under this Act. (2) Where property has come into the possession of a prescribed authority, whether as a consequence of the seizure of the property or otherwise, the liability of the property to forfeiture shall not be affected by the fact that the owner of the property was not connected in any way which rendered the property liable to forfeiture. - 27 Verify source ↗
Retention of seized property PART IV—Miscellaneous provisions
A prescribed authority may keep seized property for up to 12 months if it reasonably suspects the property is evidence of an offence under the Act; if prosecution starts within that period and the property can be used in evidence, it must be kept until the case ends.
Section 27—Retention of seized property (1) Despite the other provisions of this Act, where property has come into the possession of a prescribed authority, whether in consequence of the seizure of the property or otherwise, and the prescribed authority is satisfied that there is a reasonable ground to suspect the property to be evidence of the commission of an offence under this Act, the prescribed authority may retain the property for a period of twelve months from the date it came into the prescribed authority's possession. (2) If a person is within the twelve months period prosecuted for an offence under this Act and the property is or can be properly adduced in evidence, the property shall be retained by the prescribed authority until the prosecution has been determined. (3) A prescribed authority is a person to whom power of the Bank is delegated, or on whom a function is conferred by this Act, including a police officer or an officer of the Customs, Excise and Preventive Service. (4) The powers conferred by this section in relation to property shall be in addition to and not in derogation from any power otherwise exercisable in relation to that property. PART VI—Miscellaneous provisions - 28 Verify source ↗
General prohibitions
A person must not destroy, falsify, counterfeit, or knowingly use false documents, make false declarations or false statements, or obstruct someone exercising a power under the Act.
Section 28—General prohibitions (1) A person shall not (a) destroy, mutilate, deface or remove a document; (b) make a declaration which is false in a material particular, (c) in furnishing information for the purpose of this Act, make statement which that person knows to be false in a material particular, or recklessly make a statement which is false in material particular, (d) counterfeit or in any way falsify a document, or knowingly use a document which is counterfeit or false, or (e) obstruct a person in the exercise of a power conferred on that person by or under this Act with the intention to contravene a provision of this Act. (2) A person who fails to comply with subsection (1), commits an offence and is liable on summary conviction to a fine of not more than five hundred penalty units or a term of imprisonment of not more than four years or both. - 29 Verify source ↗
Offences
Breaking foreign exchange licensing or compliance rules is an offence, with fines, possible jail, and forfeiture of connected property.
Section 29—Offences (1) A person who (a) engages in the business of dealing in foreign exchange without a licence issued under section 5(1); (b) contravenes or fails to comply with a restriction imposed under section 6; or (c) contravenes or fails to comply with any of the terms or conditions required to carry out the business of foreign exchange transfers commits an offence and is liable, on summary conviction, to a fine of not more than seven hundred penalty units or a term of imprisonment of not more than eighteen months or both. (2) Where a person is convicted of an offence under subsection (1), and the offence is connected to property, the court shall order that the property be forfeited to the Republic. (3) Where an offence is committed under this Act or under Regulations made under this Act by a body of persons (a) in the case of a body corporate, other than a partnership, each director or an officer of the body shall also be considered to have committed the offence; and (b) in the case of a partnership, each partner or officer of that body shall be considered to have committed that offence. (4) A person shall not be considered to have committed the offence under subsection (3), if the person proves that the offence was committed without the person's knowledge or connivance and that the person exercised due care and diligence to prevent the commission of the offence having regard to all the circumstances. - 30 Verify source ↗
General penalty
If an offence has no specific penalty, the offender is liable on summary conviction to a fine of up to 500 penalty units, imprisonment for up to 4 years, or both.
Section 30—General penalty (1) A person who commits an offence for which a penalty has not been provided is liable on summary conviction to a fine of not more than five hundred penalty units or a term of imprisonment of not more than four years or both. - 31 Verify source ↗
Rules
The Bank may make Rules by notice, as prescribed in this Act.
Section 31—Rules The Bank may by notice make Rules as prescribed in this Act. - 32 Verify source ↗
Regulations
The Minister may make Regulations by legislative instrument on foreign exchange matters, and breaking those Regulations can lead to a fine of up to 2,500 penalty units.
Section 32—Regulations (1) The Minister may, by legislative instrument, make Regulations to (a) provide for forms of applications and licences to be made or issued under this Act; (b) prescribe the banks, and corporate persons and bodies competent to engage in the business of dealing in foreign exchange; (c) prescribe the conditions required to carry out the business of foreign exchange transfers; (d) prescribe information required by the Bank in respect of foreign exchange business or foreign exchange transfers between residents and non residents; (e) prescribe restrictions for the importation and exportation of foreign exchange; (f) prescribe restrictions for the temporary imposition of exchange controls; and (g) provide for any other matter necessary for the effective implementation of the provisions of this Act. (2) Despite the Statutory Instruments Act 1959 (No.52) the penalty for the contravention of Regulations, shall be a fine of not more than two thousand, five hundred penalty units. - 33 Verify source ↗
Interpretation
This section defines key terms used in the Act, including account, authorised person, Bank, bank, currency, financial institution, foreign exchange, foreign exchange business, resident, and related terms.
Section 33—Interpretation In this Act, unless the context otherwise requires— "account" means a facility or an arrangement by which a financial institution does any one or more of the following: (a) accepts deposits of currency; (b) allows withdrawals of currency or transfers into or out of the account, (c) pays cheques or payment orders drawn on a financial institution or cash dealer or collects cheques or payment orders on behalf of a person, and (d) supplies a facility or an arrangement for a safe deposit box, "authorised person", means an officer of, the Customs, Excise and Preventive Service and any other person indicated in a warrant; "Bank" means Bank of Ghana; "bank" means any other bank other than the Bank of Ghana: "Court" means court of competent jurisdiction; "currency" means (a) coins, money or notes of the Republic or of another country that is designated as legal tender and that circulates as and is customarily used and accepted as a medium of exchange in the country of issue, (b) "travellers cheques" or other financial instruments denominated in the currency of Ghana or in foreign currency, (c) any right to receive coins or notes in respect of a credit or balance with a financial institution or a non resident; "financial institution" means a licensed bank or other institution which carries on any form of financial business and that is specified as a financial institution by the Bank of Ghana; "foreign currency" means a currency other than the legal tender of Ghana and includes travellers cheques and the right to receive foreign currency in respect of any credit or balance with a licensed bank or non-resident; "foreign exchange" means (a) banknotes, coins or electronic units of payment in a currency other than the currency of Ghana which is, or has been legal tender outside Ghana; (b) financial instruments denominated in foreign currency; and includes a right to receive those banknotes or coins in respect or any balance at a financial institution located within or outside Ghana; "foreign exchange business" means the business of buying, selling, borrowing, lending, receiving or paying foreign exchange; "Governor" means the Governor of the Bank of Ghana; "licensed dealer" means a person issued with a licence under this Act; "local currency" means banknotes and coins issued by the Bank of Ghana; and includes the right to receive the banknotes or coins in respect of a balance at a financial institution located within or outside Ghana; "material particular" means of a substantial degree; "Minister" means the Minister for Finance and Economic Planning; "non-resident" means a person other than a resident of the country; "notice" means publication in the mass media; "payment" means a transfer of foreign exchange made for the purpose of (a) discharging a liability or acquiring an asset, (b) creating a balance at a financial institution that can be drawn upon, or (c) making a gift or a donation; "person" includes a company or an association or body of persons corporate or unincorporated; "prescribed authority" includes a court, a person on whom official functions are conferred by or under this Act, a police officer, an officer of the Customs, Excise and Preventive Service, other than all officer, a security agency of the Government or a person authorised by a security agency; "resident" means— (a) a person who has been ordinarily resident in Ghana for one year or more, (b) the government of Ghana and any of its diplomatic representatives located outside Ghana, (c) a company, firm or enterprise with the principal place of business or centre of control and management located in Ghana, (d) a branch of a company, firm or other enterprise with the principal place of business located outside Ghana, and (e) a corporation, firm or enterprise incorporated in Ghana; and excludes a foreign diplomatic representative or an accredited official of that representation located within Ghana, an office of an organisation established by international treaty located within Ghana, or a branch of a company, firm or enterprise with Ghana the principal place of business located in Ghana; "travellers cheque" means an instrument issued by a bank or similar institution which is intended to enable the person to whom it is issued to obtain bank notes or coins in the currency of Ghana or in a foreign currency from another person on the credit of the issuer. "transaction" means the record of a financial business or conduct. - 34 Verify source ↗
Modification of existing enactments
Existing enactments affected by this Act must operate with the modifications needed to give effect to it, and this Act prevails where there is inconsistency.
Section 34—Modification of existing enactments The provisions of an enactment of relevance to this Act and in force at the commencement of this Act, shall have effect subject to the modifications necessary to give effect to this Act and to the extent that the provisions of an enactment are inconsistent with this Act, the provisions of this Act shall prevail. - 35 Verify source ↗
Section 35
This section repeals several exchange control laws and keeps pre-commencement acts, notices, orders, directions, and rules alive until they are reviewed, cancelled, or terminated.
Section 35—Repeal, savings and transitional provisions (1) The following enactments are hereby repealed and revoked; (a) The Exchange Control Act, 1961 (Act 71); (b) Exchange Control (Amendment) Decree 1973 (NRCD 220); (c) Exchange Control (Amendment) Decree 1977 (SMCD 99); (d) Exchange Control (Amendment) Law. 1986 (PNDCL 149); and (e) Exchange Control Regulations, 1961 (L.I. 133). (2) Despite the repeal, of the enactments in subsection (1), a statutory instrument notice, order, direction rules or any other act lawfully made or done under the repealed enactments and in force immediately before the Commencement of this Act shall be considered to have been made or done under this Act and shall continue to have effect until reviewed, cancelled or terminated. Date of Gazette notification: 29 December 2006.
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Foreign Exchange Act, 2006 (Act 723)
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