Be Proactive with Changing Regulatory and Tax – Deloitte
By Praisebell Rosemond Larbi
A Tax and Regulatory Partner at Deloitte, Wisdom Kpano, has urged businesses operating in Ghana to take a proactive approach to the country’s evolving regulatory and tax landscape, warning that compliance is no longer optional for firms seeking to attract investment, expand operations and remain competitive.
Speaking at the Deloitte UKGCC Quarterly Investor Series, Mr. Kpano emphasised that early awareness and strategic planning around regulatory and tax obligations are critical to sustainable business growth. The webinar was held under the theme “Unlocking Business Growth in Ghana: Navigating Regulatory Compliance and Tax Risks.”
According to him, efficient business planning must be anchored in a clear understanding of applicable laws and regulations, particularly in an environment where tax and regulatory frameworks are constantly being updated.
“For me, the first principle for efficiently planning your business, including tax planning, is to know what is required of you. As the saying goes, ignorance of the law is no excuse,” Mr. Kpano told participants.
He cautioned that failure to stay compliant exposes businesses to punitive measures, reputational damage and missed growth opportunities, stressing that regulatory compliance should be viewed as a strategic enabler rather than a burden.
“Together, we can build a stronger and more resilient business environment in Ghana, one that not only meets regulatory standards but also drives innovation and prosperity,” he added.
Also speaking at the webinar, Augustine Donkor, Manager for Tax and Regulatory at Deloitte, highlighted that navigating compliance and tax risks has become increasingly complex as technological innovation accelerates and cross-border transactions expand.
Presenting on the same theme, Mr. Donkor identified foreign exchange (FX) usage as one of the most recurring regulatory concerns for businesses. He noted that many firms remain unclear about who is legally permitted to transact in foreign currency in Ghana, under what circumstances, and through which approved channels.
He outlined three core areas that businesses must understand to operate safely within Ghana’s FX regulatory framework: Ghana’s foreign exchange regime, foreign exchange requirements, and technology transfer agreements (TTAs).
At the centre of this framework, he explained, is the Foreign Exchange Act, 2006 (Act 723), which remains the principal legislation governing all FX transactions in the country. Under the Act, the Bank of Ghana has exclusive authority to license, regulate and supervise all foreign exchange dealings.
“This means that individuals and businesses seeking to transact in foreign currency, whether for trade, investment or business facilitation must operate strictly within the guidelines established by the Central Bank,” Mr. Donkor said.
He added that entities such as forex bureaux are required to obtain the appropriate licences, while all FX activities must comply with the law to avoid regulatory breaches.
With financial technology increasingly enabling cross-border payments, digital wallets and international business services, Mr. Donkor warned that compliance risks are rising.
“Failure to comply could expose companies to significant penalties, reputational damage and operational disruptions,” he cautioned.
The webinar also featured Dr. John Kwakye, Advisor to the Governor of the Bank of Ghana, and Paul Boye, Principal Finance Officer at the Ghana Investment Promotion Centre (GIPC), who shared insights on investment regulation and the broader policy environment.
Participants were encouraged to strengthen internal compliance systems and seek expert guidance to navigate Ghana’s regulatory and tax landscape effectively as they pursue growth opportunities.
