The Bank of Ghana (BoG) has revealed that it will not hesitate to sanction exporters who fail to comply with the repatriation of their export proceeds.

Sanctions may include a fine of up to five thousand (5,000) penalty units, imprisonment for a term not exceeding ten (10) years, or both.

These penalties target exporters who fail to justify the non-repatriation of proceeds, in line with Section 15(4) of the Foreign Exchange Act, 2006 (Act 723), which prescribes a fine of up to five thousand penalty units or imprisonment for a term not exceeding ten years, or both.

The revelation was contained in a notice issued by the Bank of Ghana on October 30, 2025.

This development follows the Bank’s earlier announcement granting exporters up to 60 calendar days beyond the original validity of their Letters of Commitment (LOCs).

The BoG explained in the notice that, “Such an extension shall only be approved upon the submission of a reasonable and well-documented justification by the exporter, to the satisfaction of the Bank.”

The Central Bank further stated that no extensions shall be granted beyond the first extension.

However, “Exporters may, however, request cancellation of the LOC, subject to the submission of adequate justification,” the Bank added.

The regulator also reminded exporters that “proceeds shall be repatriated through the exporter’s nominated bank within one hundred and twenty (120) days from the date of shipment.”

The BoG further directed all authorised dealer banks to ensure strict compliance with the notice and to promptly communicate its provisions to their exporter clients.

Background

The Bank of Ghana, in 2006, rolled out a new set of regulations and rules on the repatriation of export proceeds.

These rules introduced a structured framework to limit the number of extensions granted for Letters of Commitment.

The directive formed part of measures by the Bank to ensure the prudent management of Ghana’s foreign exchange resources, facilitate timely repatriation of export proceeds, enhance transparency, instill discipline among exporters, and safeguard the integrity of the foreign exchange system.