The Bank of Ghana (BoG) has issued a firm directive warning exporters that failure to repatriate export proceeds within the legally stipulated period could attract severe penalties.
This includes fines of up to 5,000 penalty units or imprisonment of up to 10 years.
Under the new framework, exporters will be required to repatriate all export earnings through their nominated banks within 120 days of shipment.
The directive allows for only one possible extension of 60 days, which must be fully justified and approved by the central bank.
According to the BoG, the measure is to enforce discipline and accountability in Ghana’s export trade while safeguarding the stability of the cedi and protecting foreign exchange reserves from the impact of delayed inflows.
“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 Consequently, Section 4 of Notice Number BG/GOV/SEC/2016/03on Rules on Repatriation of Export Proceeds is hereby repealed with immediate effect. This Notice shall come into effect on 30th October 2025 and remain in force until otherwise amended or revoked”, a statement from the Bank mentioned.
The Central Bank further cautioned that exporters who fail to comply risk prosecution under Section 15(4) of the Foreign Exchange Act, 2006 (Act 723), which empowers authorities to impose criminal sanctions on offenders.
In addition, the BoG has directed all authorised dealer banks to notify their exporter clients of the new rules and enforce strict compliance.
Banks are required to monitor export accounts closely and report any breaches or unexplained delays to the central bank without hesitation.
The move forms part of the Bank’s raft of forex market reforms to tighten regulatory oversight, improve export traceability and ensure that all foreign currency earnings due the country are properly accounted for within the banking system.
The directive by the Central Bank is to check the growing concern about forex leakages and unaccounted export proceeds, which have contributed to periodic pressures on the local currency and limited foreign exchange liquidity.
With this latest enforcement action, the Bank of Ghana is sending a clear signal that it will not tolerate export non-compliance.
The enforcement is a crucial move to safeguard monetary stability, improve balance of payments performance and support sustainable economic growth.
Source: citinewsroom.com
