The Bank of Ghana (BoG) has launched a significant regulatory strike against foreign exchange leakages, issuing a firm directive that threatens exporters with severe criminal penalties, including imprisonment for up to 10 years, for failing to repatriate export earnings within the legal deadline.

This aggressive enforcement action, effective October 30, 2025, is a crucial part of the Central Bank’s strategy to safeguard the stability of the Ghana Cedi and protect the nation's foreign exchange reserves.

The New Repatriation Mandate: 120-Day Limit

Under the central bank’s new, tightened framework, exporters are now required to repatriate all export earnings through their nominated authorised dealer banks within 120 days of shipment.

This deadline allows for only a single possible extension of 60 days, which must be meticulously justified and officially approved by the BoG. This move replaces and repeals Section 4 of the previous Notice Number BG/GOV/SEC/2016/03, signalling a significant shift toward zero-tolerance compliance.

“All Authorised Dealer Banks shall ensure strict compliance with this notice and promptly communicate its provisions to their exporter clients. Consequently, Section 4 of Notice Number BG/GOV/SEC/2016/03 on Rules on Repatriation of Export Proceeds is hereby repealed with immediate effect,” the statement from the Bank declared.

The BoG is sending an unambiguous signal that financial indiscipline in the export sector will now attract criminal prosecution. Exporters who fail to comply with the 120-day rule risk being charged under Section 15(4) of the Foreign Exchange Act, 2006 (Act 723).

The penalties for non-compliance are steep:

• Monetary Fine: Fines of up to 5,000 penalty units.
• Imprisonment: Up to 10 years in jail.

This enforcement action aims to check the growing concern about forex leakages and unaccounted export proceeds, which have been widely cited as a contributor to periodic pressure on the local currency and limited foreign exchange liquidity.

The Central Bank has explicitly directed all authorised dealer banks to act as frontline enforcement agents. Banks are now required to:

1. Strictly comply with the new rules.
2. Notify their exporter clients of the changes.
3. Monitor export accounts closely.
4. Report any breaches or unexplained delays to the BoG immediately.

This measure forms part of the BoG’s broader raft of forex market reforms designed to tighten regulatory oversight and improve export traceability. The goal is to ensure that all foreign currency earnings due to Ghana are properly accounted for within the formal banking system, thereby safeguarding monetary stability, improving balance of payments performance, and supporting sustainable economic growth.