Foreign Exchange Act - Parliament of Ghana

Foreign Exchange Act, 2006 Act 723 ARRANGEMENT OF SECTIONS Section Authority of Bank of Ghana and licensing 1. Authority of Bank of Ghana 2. Responsibility of Bank of Ghana 3. Requirement of licence 4. Application for a licence 5. Grant of licence 6. Refusal of licence 7. Conditions of licence 8. Register of licences 9. Non-transferability of licence 10. Renewal of licence 11. Suspension and revocation of licence 12. Conditions for revocation of licence 13. Notice of suspension, revocation or variation of licence 14. Review and appeal Provisions related to the conduct of foreign exchange business 15. Foreign exchange business and international payments 16. Requirement of permission for the payment or transfer of foreign currency 17. Power of Bank of

Ghana to regulate foreign exchange business and transfers between residents and non residents. 18. Power of the Bank to impose restrictions on the importation or exportation of foreign exchange. 19. Conditions for carrying out the business of foreign exchange transfers. 20. Imposition of temporary restrictions Enforcement and compliance 21. Provision of information by banks 22. Provision of information by persons 23. Court orders and admissibility of evidence 24. Search and seizure 25. Notice 26. Recovery or forfeiture 27. Retention of seized property Act 723 Foreign Exchange Act, 2006 Miscellaneous provisions 28. General prohibitions 29. Offences 30. General penalty 31. Rules 32. Regulations 33. Interpretation 34. Modification of existing enactments 35. Repeals, savings and transitional provisions 2 Act 723 THE SEVEN HUNDRED AND TWENTY-THIRD ACT OF THE PARLIAMENT OF THE REPUBLIC OF GHANA ENTITLED FOREIGN EXCHANGE ACT, 2006 AN ACT to provide for the exchange of foreign currency, for international payment transactions and foreign exchange transfers; to regulate foreign exchange business and to provide for related matters. DATE OF ASSENT: 29th December, 2006. ENACTED by the President and Parliament Authority of Bank of Ghana and licensing Authority of Bank of Ghana 1. (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. Responsibility of Bank of Ghana 2. (1) The Bank is responsible for the implementation of this Act. 3 Act 723 Foreign Exchange Act, 2006 (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 of this Act. Requirement of licence 3. (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...

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