government

The Movement for Change, one of the independent political groups in the 2024 general elections, has charged the Finance Minister, Cassiel Ato Forson, to dissolve all forex bureaux in the country to allow foreign currencies to be exchanged directly at commercial banks.
Addressing a press conference in Accra on Tuesday, February 18, the spokesperson for the Movement for Change, Andrew Appiah Danquah, called on the government to completely overhaul the forex sector, scrap levies such as the betting tax, and maintain the flat rate for Micro, Medium and Small Enterprises (MMSEs).
The Movement believes this will go a long way in restoring financial confidence in the financial sector.
“The stabilisation of the local economy is of prime importance in maintaining a healthy economy. In this regard, while working towards a more robust and comprehensive medium to long-term solution, particularly in the area of boosting exports and enhancing import substitution, the ministry should introduce some short-term policy interventions designed to regulate the demand and supply of foreign exchange.
“In this regard, government should suspend with immediate effect until further notice. The operation of all forex bureaux and mandate all forex transactions to be conducted through the commercial banks and the Bank of Ghana. In addition, government-existent regulations on the retention of frauds from export revenue must be strictly enforced.”