Ghana Exporters Given 120 Days to Repatriate Proceeds Under Revised BoG Guidelines

Bank of Ghana and Ghana Shippers’ Authority conclude nationwide sensitisation as exporters are urged to strengthen compliance with export documentation and payment requirements

 

Ghanaian exporters are being urged to strengthen compliance with the country’s export-proceeds repatriation requirements following a nationwide sensitisation campaign by the Bank of Ghana (BoG) and the Ghana Shippers’ Authority (GSA).

The campaign concluded in Accra on Wednesday, October 14, 2026, with a final stakeholder engagement at the Ghana Shippers’ House. The GSA announced the conclusion of the exercise on October 16, following engagements across nine locations: Accra, Takoradi, Cape Coast, Kumasi, Sunyani, Tamale, Bolgatanga, Koforidua and Aflao.

 

The initiative brought together exporters, commercial banks, customs house agents, Free Zone companies and other stakeholders to discuss the revised Letter of Commitment (LOC) guidelines and address practical challenges affecting export transactions.

 

The central message was that export earnings must be repatriated through the appropriate formal banking channels in accordance with applicable requirements.

 

What Has Changed Under the Revised Guidelines?

One of the key changes is the extension of the export-proceeds repatriation period from 60 days to 120 days for exports covered by the revised guidelines, excluding minerals under the distinction described in the official stakeholder guidance.

The Bank of Ghana’s Notice No. BG/GOV/SEC/2025/34 also establishes rules governing extensions to Letters of Commitment.

Under the published notice, proceeds must be repatriated through the exporter’s nominated bank within 120 days from the date of shipment. 

 

A first extension of up to 60 calendar days beyond the original LOC validity may be granted where the exporter provides a reasonable, well-documented justification acceptable to the Bank.

The notice states that no further extensions will be granted beyond the first extension. Exporters may request cancellation of an LOC, subject to adequate justification.

 

Businesses should consult the applicable rules and their nominated banks to establish how the requirements apply to their particular export transactions.

 

Why the LOC Framework Matters

A Letter of Commitment forms part of Ghana’s system for monitoring merchandise exports and the return of export proceeds.

When Ghanaian businesses sell goods abroad, the resulting foreign exchange earnings can support payments for imports, business operations and other international obligations. The repatriation framework is intended to help ensure that export transactions are properly documented and that the corresponding proceeds are returned through the prescribed channels.

 

Speaking during the nationwide engagement, the Second Deputy Governor of the Bank of Ghana, Mrs Matilda Asante-Asiedu, highlighted the relationship between export earnings, foreign exchange availability, investor confidence and the broader resilience of the economy.

 

The Chief Executive Officer of the Ghana Shippers’ Authority, Professor Ransford Edward Gyampo, also stressed the importance of ensuring that the country realises the economic benefits of its exports through appropriate repatriation arrangements.

 

Documentation and ICUMS Remain Important

The stakeholder engagements also addressed operational concerns involving LOC corrections, banking arrangements, the retention of export proceeds and the use of the Integrated Customs Management System (ICUMS).

Accurate documentation is important because export declarations, shipping records, banking details and payment information must be correctly matched to the relevant transactions.

 

Discrepancies between documents or delays in updating transaction records can create compliance difficulties for exporters and other parties involved in the export process.

 

Exporters should therefore work closely with their commercial banks, customs house agents and relevant regulators to ensure that their documentation is accurate and that transaction records are updated appropriately.

 

What Exporters Should Do Now

Businesses engaged in merchandise exports should take the following practical steps:

Review their LOC obligations: Confirm the applicable repatriation period and any specific requirements for the products being exported.

Maintain accurate records: Keep export declarations, shipping documents, invoices, payment records and related correspondence organised.

Coordinate with their nominated banks: Confirm the banking arrangements for receiving export proceeds and resolving transaction discrepancies.

 

Track shipment and payment dates: Establish internal procedures to monitor deadlines and identify potential delays early.

Seek extensions before problems escalate: Where an extension may be necessary, contact the appropriate bank or regulator promptly and prepare the required supporting justification.

 

Verify ICUMS records: Work with the relevant service providers to ensure that export information is accurately reflected in the system.

These measures can help reduce avoidable documentation errors and improve the management of export transactions.

 

Compliance and Business Competitiveness

The revised guidelines are intended to provide greater clarity and address operational concerns raised by stakeholders. However, exporters still need to understand the requirements applicable to their particular transactions.

The GSA and BoG have indicated that improving compliance will require continued coordination among exporters, financial institutions, customs house agents and relevant public institutions.

For businesses, the practical priority is to build reliable processes for documentation, payment tracking and communication with their banks. These procedures can help exporters meet regulatory requirements while reducing uncertainty in cross-border transactions.

 

As Ghana seeks to expand trade and strengthen the contribution of exports to economic development, effective implementation of the LOC framework will remain an important issue for businesses operating in international markets.

Sources: Bank of Ghana; Ghana Shippers’ Authority.

Published by: 24HourBusiness.org