The Bank of Ghana (BoG) has announced that all export proceeds must be repatriated through the formal banking system. The move comes as the BoG warns that unreturned earnings weaken the country’s foreign‑exchange reserves and undermine efforts to stabilise the cedi and control inflation.
Second Deputy Governor Matilda Asante‑Asiedu explained that the failure to return export earnings limits Ghana’s capacity to finance imports and withstand external economic shocks. Speaking at a stakeholder engagement on revised Letters of Commitment (LOC) guidelines, she stressed the importance of ensuring that foreign exchange generated from exports returns to the domestic economy.
“Every dollar of exports that fails to come to Ghana has many implications,” she said. She cited rising global oil prices, noting that Ghana’s oil import bill had increased by nearly 40% amid geopolitical tensions. She added that exchange‑rate stability is critical to businesses, particularly shipping operators whose costs are largely denominated in foreign currencies.
Chief Executive Officer of the Ghana Shippers’ Authority, Prof. Ransford Gyampo, warned exporters against allowing their businesses and shipping processes to be used for transporting illicit drugs. He cautioned that such activities could damage Ghana’s international reputation and expose legitimate traders to increased scrutiny and delays.
“They shouldn’t allow themselves for a few greedy and selfish people to use their processes to transport or to use them to transport some of these illicit drugs,” he said. Prof. Gyampo also urged exporters to comply with the LOC requirements to ensure that export proceeds are repatriated through commercial banks.
Head of Revenue Assurance at the Ministry of Finance, Victor Kofi Baidoo, warned that exporters who fail to repatriate their proceeds risk having their transactions treated as domestic sales, attracting applicable duties, taxes and other sanctions. “This means that any export declaration without a repatriation would not be considered an export and would be seen as domestic sales,” he said. Mr. Baidoo explained that amendments to the Customs Act make the repatriation of export proceeds a key requirement for completing export declarations, as the government intensifies efforts to curb revenue losses and improve compliance.
Exporters are advised to review the new LOC guidelines and ensure all proceeds are routed through licensed banks to avoid penalties and support the nation’s foreign‑exchange buffer.
