The Ghana Shippers’ Authority (GSA) and the Bank of Ghana (BoG) have extended the mandatory period for exporters to repatriate export proceeds from 60 to 120 days under revised Letter of Commitment (LOC) guidelines, as authorities step up efforts to protect Ghana’s foreign exchange earnings and strengthen compliance.

The revised guidelines are also expected to improve transparency, reduce operational bottlenecks and strengthen the monitoring of export transactions, with the GSA and BoG urging exporters, commercial banks and other industry players to work together to ensure that proceeds from Ghana’s exports return through the formal banking system.

The two institutions announced the conclusion of a nationwide sensitisation campaign on the revised guidelines at the Ghana Shippers’ House in Accra on Wednesday, October 14, 2026, following engagements in nine locations: Accra, Takoradi, Cape Coast, Kumasi, Sunyani, Tamale, Bolgatanga, Koforidua and Aflao.

Speaking at the closing engagement, GSA Chief Executive Officer, Professor Ransford Gyampo, stressed that Ghana could not fully benefit from its export earnings if the foreign exchange generated from international trade failed to return to the country through the appropriate channels.

“The material value of these exports to our national development hinges on whether the foreign exchange earned is repatriated to Ghana through the appropriate channels,” he said.

He added: “The repatriation of export proceeds is not merely a regulatory requirement, but a patriotic duty in ensuring that Ghana derives the full economic benefit from its resources.”

Prof. Gyampo urged exporters to work closely with regulators, commercial banks, Customs House Agents and other relevant stakeholders to ensure that export proceeds are repatriated in accordance with the revised requirements.

He said effective compliance was necessary to protect Ghana’s foreign exchange resources, support the stability of the cedi and strengthen the economy’s ability to withstand external shocks.

The Second Deputy Governor of the BoG, Matilda Asante-Asiedu, said the management of export proceeds had implications beyond individual businesses, affecting exchange rate stability, investor confidence, government revenue and the overall resilience of the economy.

She explained that the revised LOC guidelines were designed to clarify the responsibilities of stakeholders across the export value chain, promote consistency and address operational inefficiencies that could delay legitimate transactions.

“Our objective is straightforward: to make compliance easier, improve transparency, and reduce operational bottlenecks that affect legitimate business activities,” she said.

Mrs Asante-Asiedu maintained that the nationwide campaign was not limited to explaining regulatory obligations but was also intended to create a more efficient environment for exporters and enable Ghana to derive greater value from international trade.

She added that the BoG would continue improving the systems supporting the LOC framework after the sensitisation exercise, including strengthening monitoring mechanisms, improving data management, increasing automation and upgrading operational platforms to make the process more efficient and user-friendly.

Meanwhile, the Ministry’s Head of Revenue Assurance, Mr Baidoo, underscored the need for accountability and effective enforcement of the guidelines.

He disclosed that Ghana’s export proceeds had doubled in 2025, a development he said was believed to have been supported by certain policy interventions. He stressed, however, that the LOC framework was an existing mechanism rather than a newly introduced policy, calling on stakeholders to renew their commitment to its effective implementation.

Mr Baidoo said the Ministry would monitor compliance and conduct audits to identify cases of non-compliance, warning that sanctions would be applied where necessary.

Beyond the extension of the repatriation deadline, the revised guidelines contain directives on the application of foreign exchange rates by shipping service providers and measures intended to simplify compliance and improve the efficiency of export monitoring.

During the regional engagements, exporters, commercial banks, Customs House Agents, Free Zone companies and other stakeholders raised concerns about LOC corrections, banking arrangements, the retention of export proceeds and the use of the Integrated Customs Management System (ICUMS).

The discussions provided an opportunity for participants to seek clarification on the revised requirements and identify practical challenges that could undermine compliance if left unresolved.

Accurate documentation, appropriate banking arrangements and the timely updating of export transactions on ICUMS remain critical to ensuring that payments are correctly matched to their corresponding export records.

Failure to address discrepancies in documentation or transaction records can complicate the monitoring process and make it more difficult to establish whether export proceeds have been repatriated in line with the applicable requirements. Improved coordination among exporters, banks, customs agents and regulators is therefore essential to effective implementation.

The completion of the nationwide campaign marks the end of the current sensitisation exercise, but the effectiveness of the revised guidelines will depend on how consistently stakeholders apply the requirements and how effectively the responsible institutions monitor compliance.

For the GSA and the BoG, the ultimate objective is to ensure that Ghana receives the foreign exchange generated by its exports, strengthen oversight of merchandise trade and protect resources considered essential to the country’s macroeconomic stability.

With the mandatory repatriation period now extended to 120 days, exporters have additional time to complete international transactions. However, the authorities have made clear that the extension does not remove their obligation to comply with the applicable export proceeds repatriation requirements.

The success of the revised framework will ultimately depend on effective monitoring, accurate transaction records and sustained cooperation between businesses and regulators to ensure that export earnings contribute more directly to Ghana’s economic development.

EA