The Foreign Exchange Act, 2006 (Act 723) Regulations, Guidelines, Notices and International Payments/Trade Finance

RATIONALE

 Since the Foreign Exchange Act, 2006 (Act 723) took effect, the Bank of Ghana has issued several regulations and guidelines to support its implementation. However, differences in interpretation and new developments like the Single Window Platform and LOC for Free Zone Companies have created complexity and confusion. This calls for a regulator-led training programme to harmonize understanding and strengthen compliance across the banking industry.

LEARNING OBJECTIVES 

• Clarify Regulations – Simplify and explain the Foreign Exchange Act (Act 723) and related BoG directives for clear understanding.
• Ensure Consistency – Promote uniform interpretation and application of foreign exchange rules across banks.
• Strengthen Compliance – Build knowledge of regulatory, reporting, and risk management standards in FX operations.
• Resolve Conflicts – Address emerging issues from Advance Payments, Single Window Platform, GHS as sole legal tender, FEA and FCA, IDF, and LOC, including Free Zone complexities.
• Enhance Capacity – Equip participants to manage international payments and trade finance effectively and compliantly.

COURSE CONTENT

• Module 1: Legal & Regulatory Foundations
  Covers the Foreign Exchange Act (Act 723), its objectives, BoG’s regulatory role, and key guidelines, notices, and updates.
• Module 2: FX Operations & Compliance
  Focuses on documentation, reporting, monitoring FX flows, management of foreign currency accounts, and key compliance expectations under Act 723.
• Module 3: Import & Export Framework
  Explains IDF and LOC processes, the Single Window Platform, and coordination among BoG, GRA, and banks to reduce revenue leakages and ensure compliance.
• Module 4: Special Regulatory Issues and Emerging Developments
  Explores Free Zone LOC challenges, capital account transactions, repatriation of funds, and cross-border compliance best practices, with case studies and updates on policy, sanctions, and fintech developments.

The Foreign Exchange Act, 2006 (Act 723) Regulations, Guidelines, Notices and International Payments/Trade Finance

Duration: 3 days

Skill Level: All Levels

Delivery Mode: In-person

Month: March