The Movement for Change, an independent political group in the 2024 general elections, wants all forex bureaux in the country dissolved, advocating for foreign currency exchanges to be handled exclusively by commercial banks.
Addressing a press conference in Accra, the group’s spokesperson, Andrew Appiah Danquah, stressed that allowing only banks to handle foreign exchange transactions would help curb speculation, stabilize the cedi, and restore confidence in the financial system.
“The stabilization of the local currency is of a 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 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,” Danquah asserted.
Beyond forex reforms, the Movement for Change is also pushing for the elimination of levies such as the controversial betting tax, E-levy, Covid and fumigation levies which they argue places an unnecessary financial burden on Ghanaians. Additionally, they are advocating for the maintenance of the flat tax rate for Micro, Medium, and Small Enterprises (MMSEs) to support business growth and economic expansion.
The group believes these measures, if implemented, will help stabilize the economy and boost investor confidence.
