BoG Cautions Exporters on Repatriation of Export Earnings
By Praisebell Rosemond Larbi
The Bank of Ghana (BoG) has issued a stern warning to exporters who fail to comply with the repatriation of export proceeds, cautioning that offenders could face fines of up to 5,000 penalty units, imprisonment for up to 10 years, or both.
In a notice, the Central Bank said it would not hesitate to enforce sanctions under Section 15(4) of the Foreign Exchange Act, 2006 (Act 723), which outlines penalties for exporters who fail to justify the non-repatriation of export earnings.
According to the Bank, the move is part of ongoing efforts to strengthen compliance, promote transparency, and safeguard Ghana’s foreign exchange reserves. “Exporters who fail to repatriate their proceeds or provide adequate justification will face severe sanctions as prescribed by law,” the notice emphasized.
The warning follows the Bank’s earlier announcement granting exporters an additional 60 calendar days beyond the original validity period of their Letters of Commitment (LOCs) to complete the repatriation process.
The BoG explained that such extensions would be approved only upon submission of “a reasonable and well-documented justification by the exporter, to the satisfaction of the Bank.” The Central Bank further made clear that no extensions would be granted beyond the first approval period.
However, exporters who cannot fulfill their LOC obligations may request a cancellation, provided they present adequate documentation to justify their request.
The Bank also reminded all exporters that proceeds must be repatriated through their nominated banks within 120 days from the date of shipment. Failure to comply within this timeframe constitutes a violation of the Foreign Exchange Act.
In addition, the BoG directed all authorized dealer banks to ensure strict adherence to the directive and to promptly communicate the provisions of the notice to their exporter clients.
Background
The repatriation of export proceeds remains a key element of Ghana’s foreign exchange management framework. In 2026, the Bank of Ghana introduced revised regulations to tighten oversight of export proceeds, including measures to limit the number of extensions granted under Letters of Commitment.
The reforms are designed to promote discipline among exporters, facilitate timely inflows of foreign currency, and maintain the integrity of the foreign exchange system.
The Central Bank has consistently maintained that full repatriation of export earnings is essential to stabilizing the cedi, boosting foreign reserves, and ensuring sustainable economic growth.
The latest warning signals the Bank’s resolve to enforce compliance and curb practices that deprive the country of vital foreign exchange inflows critical to the stability of the economy.
Bank of Ghana Headquarters
