By Morkporkpor Anku, GNA
Accra, Oct. 15, GNA – The Bank of Ghana (BoG) has urged exporters to repatriate all export proceeds through the formal banking system to strengthen foreign exchange reserves, stabilise the cedi and support economic growth.
Mrs Matilda Asante-Asiedu, Second Deputy Governor of the BoG, said every dollar of export earnings not returned to the country had implications for the economy.
She was speaking at a sensitisation programme on the updated guidelines for the Bank of Ghana Letter of Commitment (LoC) requirement for the repatriation of export proceeds.
The programme, organised in collaboration with the Ghana Shippers’ Authority (GSA), brought together exporters, commercial banks, customs house agents, shipping industry stakeholders and representatives of relevant ministries, departments and agencies.
Mrs Asante-Asiedu said Ghana recorded export earnings of about US$31.1 billion in 2025, resulting in a trade surplus of US$13.6 billion.
She said gold, crude oil and cocoa accounted for almost 80 per cent of the country’s exports, adding that export earnings reached US$18.3 billion at the half-year mark in 2026, contributing to a trade surplus of US$8.8 billion.
She said repatriated export proceeds provided foreign exchange for building reserves, which helped stabilise the cedi, contain inflation and meet the country’s import bills.
Mrs Asante-Asiedu explained that adequate reserves also helped Ghana manage higher fuel import costs amid rising international oil prices, limiting the potential impact on transport costs, food prices and the general cost of living.
She said the LoC regime was introduced to monitor merchandise exports and ensure that proceeds were repatriated, warning that unaccounted-for earnings represented a loss of resources to the economy and affected trade financing.
The Second Deputy Governor said the revised guidelines extended the repatriation period from 60 to 120 days following concerns raised by exporters and other industry players during nationwide consultations.
She said the revisions were intended to clarify responsibilities, improve transparency, simplify compliance and reduce operational bottlenecks associated with the LoC process.
Mrs Asante-Asiedu urged participants to use the programme to seek clarification and raise concerns about the guidelines, assuring them that experts were available to address outstanding issues.
She announced that cross-border interbank payments with China, through the Cross-Border Interbank Payment System, were available as a settlement option at selected commercial banks.
She said the BoG would continue to review emerging payment channels to ensure that the LoC framework provided clarity for exporters and banks, adding that effective implementation required the cooperation of all stakeholders.
Professor Ransford Gyampo, Chief Executive Officer of the GSA, said the Authority had worked closely with the BoG since the introduction of the LoC requirement to educate exporters and communicate their concerns to the Central Bank.
He said operational inefficiencies, shipment delays and cumbersome processes increased the cost of doing business for shippers and undermined the competitiveness of Ghanaian exports.
Professor Gyampo said a Legislative Instrument to support the implementation of the Ghana Shippers’ Authority Act, 2024 (Act 1122), had been drafted in consultation with industry stakeholders and was under review at the Ministry of Transport.
He urged exporters to ensure accurate documentation and exercise due diligence over their consignments, warning against the use of legitimate export channels to conceal or traffic illicit drugs.
He said the GSA would continue to collaborate with regulatory and law enforcement agencies to protect legitimate trade and Ghana’s international reputation.
GNA
Edited by Kenneth Odeng Adade
Reporter: Morkporkpor Anku
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