The Ghana Shippers’ Authority (GSA) and the Bank of Ghana (BoG) have concluded a nationwide sensitisation campaign on the revised Letter of Commitment (LOC) guidelines, urging exporters and other stakeholders to strengthen compliance with export proceeds repatriation requirements to support foreign exchange stability and Ghana’s broader economic development.
The campaign covered Accra, Takoradi, Cape Coast, Kumasi, Sunyani, Tamale, Bolgatanga, Koforidua and Aflao, culminating in a final engagement at the Ghana Shippers’ House in Accra on Wednesday, 14th October 2026. The regional engagements provided a platform for Exporters, commercial banks, Customs House Agents, Free Zone companies and other stakeholders to examine the revised guidelines, clarify compliance requirements and discuss operational challenges affecting export transactions.
Speaking at the concluding engagement, the Chief Executive Officer of GSA, Prof. Ransford Gyampo, underscored the importance of ensuring that foreign exchange earned from Ghana’s exports is repatriated through the formal banking system to enable the country to realise the full economic benefits of its resources.
“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. This explains why 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,” he stated.
Prof. Gyampo called on 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 guidelines. He emphasised that effective compliance was essential to safeguarding Ghana’s foreign exchange resources, supporting the stability of the cedi and strengthening the country’s economic resilience.
The Second Deputy Governor of the BoG, Mrs. Matilda Asante-Asiedu, also highlighted the wider economic implications of export proceeds repatriation, noting that the performance of the export sector affects exchange rate stability, investor confidence, government revenue and the overall resilience of the Ghanaian economy.
She explained that the revised guidelines were intended to provide clarity, promote consistency and reduce uncertainty across the export value chain by defining the responsibilities of the various stakeholders and addressing operational inefficiencies.
“Our objective is straightforward: to make compliance easier, improve transparency, and reduce operational bottlenecks that affect legitimate business activities,” she said.
Mrs Asante-Asiedu added that the sensitisation campaign went beyond explaining regulatory requirements, as it also sought to foster a more efficient export environment that supports legitimate business activities and enables Ghana to derive greater value from international trade.
She reaffirmed BoG’s commitment to improving the systems underpinning the LOC framework beyond the nationwide campaign. According to her, the Bank was strengthening monitoring mechanisms, enhancing data management, increasing automation and upgrading operational platforms to improve efficiency and the user experience.
The Head of Revenue Assurance at thews, highlighted the importance of effective implementation and accountability. He disclosed that Ghana’s export proceeds had doubled in 2025, a development believed to have been supported by certain policy interventions. He stressed that the LOC framework was an existing mechanism rather than a new policy and called for renewed commitment from all stakeholders to ensure its effective implementation.
Mr Baidoo further indicated that the Ministry would monitor compliance and conduct audits to identify instances of non-compliance, adding that sanctions would be applied where necessary.
The revised LOC guidelines include an extension of the mandatory period for repatriating export proceeds from 60 to 120 days, providing exporters with additional time to complete international transactions. They also contain directives on the application of foreign exchange rates by shipping service providers, alongside measures aimed at simplifying compliance and improving the efficiency of the export monitoring framework.
Throughout the regional engagements, participants raised practical concerns relating to LOC corrections, banking arrangements, the retention of export proceeds and the use of the Integrated Customs Management System (ICUMS). These discussions enabled stakeholders to seek clarification on the application of the guidelines and identify areas where improved coordination could ease compliance.
Accurate documentation, appropriate banking arrangements and the timely updating of export transactions on ICUMS remain essential to ensure that payments are correctly matched to the relevant export records. Addressing these operational issues is therefore critical to reducing discrepancies, improving transaction monitoring and supporting effective implementation of the guidelines.
The conclusion of the nationwide sensitisation campaign marks an important step in strengthening stakeholder understanding of the revised LOC requirements. For GSA and BoG, continued collaboration with exporters, financial institutions and other relevant agencies will remain vital to addressing implementation challenges, improving compliance and ensuring that proceeds from Ghana’s exports return through the formal financial system.
Ultimately, effective implementation of the LOC framework is expected to reinforce the monitoring of merchandise exports, protect the country’s foreign exchange resources and support the macroeconomic stability necessary for sustainable trade and economic growth.
