Bank of Ghana’s headquarters
The Bank of Ghana (BoG) has announced that it will take action against exporters who fail to comply with the repatriation of their export proceeds.
This was stated in a notice issued by the Bank of Ghana on October 30, 2025.
According to the Bank, 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 accordance with Section 15(4) of the Foreign Exchange Act, 2006 (Act 723), which prescribes a fine of up to five thousand penalty units, imprisonment for a term not exceeding ten years, or both.
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This announcement follows the Bank’s earlier decision to grant exporters up to 60 calendar days beyond the original validity of their Letters of Commitment (LOCs).
The BoG explained in the notice: “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 this first extension. However, “exporters may 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.”
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