GHANA · ECONOMY
Key Facts
- —What is happening On Wednesday, 14 October, the Bank of Ghana closed a nationwide campaign in Accra on its revised Letter of Commitment guidelines, urging exporters to return all export earnings through local banks; the guidelines allow 120 days, up from 60.
- —Why it matters Gold, crude oil and cocoa supplied more than 80% of Ghana’s export earnings in 2025, and export dollars that return help stabilise the currency, finance imports and support reserves.
- —The numbers Exports earned about US$31.2 billion in 2025, with a trade surplus of about US$13.8 billion, and about US$18.3 billion by June 2026; the repatriation window doubled from 60 to 120 days.
- —Who is who The Bank of Ghana is the central bank, represented by Second Deputy Governor Matilda Asante-Asiedu; the Ghana Shippers’ Authority, led by Professor Ransford Gyampo, ran the campaign with it, and Victor Kofi Baidoo heads revenue assurance at the Finance Ministry.
- —What to watch Publication of the full revised guidelines, the start of the Finance Ministry audits it announced, and whether Customs Act changes tying export declarations to repatriation are in force; no dates have been given.
- —What it means for you US buyers of Ghanaian gold, cocoa or oil face no US rule change, though Ghanaian exporters may insist on bank transfer payment, and investors see Accra pressing for more foreign currency to return through its banks.
Ghana’s central bank urged exporters on Wednesday to bring all export earnings home through local banks. The revised guidelines give them 120 days, double the old 60.
The Bank of Ghana urged Ghana exporters at a Wednesday meeting in Accra to bring all export earnings home through local banks. The 120-day window, up from 60, was first announced in January, and the duty dates from the 2006 Foreign Exchange Act.
The meeting on 14 October closed a nationwide campaign on the Letter of Commitment (LOC), an export document that tracks returning payments. Ghana earned about US$31.2 billion from exports in 2025, so unreturned dollars matter to its currency and reserves.
The Export Dollars at Stake
The central bank’s keynote text puts 2025 export earnings at about US$31.2 billion, with a trade surplus of about US$13.8 billion. Exports of goods and services made up more than 35% of gross domestic product.
Gold, crude oil and cocoa supplied more than 80% of those earnings. By June 2026 earnings reached about US$18.3 billion, nearly 59% of the 2025 total, with a trade surplus of about US$8.8 billion.
Second Deputy Governor Matilda Asante-Asiedu called export proceeds a strategic national asset that helps stabilise the currency and finance imports. She said every delayed or unaccounted for export receipt is money that could support trade finance and foreign exchange supply.
What the Central Bank Told Ghana Exporters
Asante-Asiedu spoke in Accra at the Ghana Shippers’ Authority, the agency that works with shippers, exporters and freight forwarders. The Bank’s published keynote says the LOC regime protects foreign exchange resources and reinforces confidence in the financial system.
Citi Newsroom quoted her saying that every dollar of exports that fails to come to Ghana has many implications. Citi reported that the Bank warned unreturned earnings weaken reserves and undermine efforts to stabilise the cedi, Ghana’s currency, and control inflation.
What the Revised Rules Change
The revised guidelines extend the mandatory repatriation period from 60 days to 120 days, the Business & Financial Times reported. The Bank’s own keynote says participants broadly welcomed that extension.
That report adds that the guidelines include directives on how shipping service providers apply foreign exchange rates. The keynote lists LOC generation, extensions, advance payments, retention policies and non-conformity cases among the topics covered.
The longer window is not entirely new. Graphic Online reported on Friday, 9 January that a Bank official announced an extension to 120 days after shipment.
What the Finance Ministry Warned
Victor Kofi Baidoo, head of revenue assurance at the Finance Ministry, said the ministry would monitor compliance and run audits. He called the LOC an existing mechanism, not a new policy, and warned of sanctions, the Business & Financial Times reported.
Citi Newsroom quoted him saying an export declaration without repatriation would not count as an export but as a domestic sale. Citi added that he linked this to Customs Act amendments, which make repatriation a key requirement for completing export declarations.
Parliament passed a new Customs Bill in late July, and President John Mahama signed it into law on Wednesday, 26 August. The Ghana News Agency’s reports do not mention export proceeds, and the Act’s start date and any repatriation clause are unconfirmed.
The Law Behind the Rule
The rule itself is not new. Ghana’s Foreign Exchange Act of 2006 requires payment for merchandise exports to flow from the buyer’s bank to the exporter’s Ghanaian bank.
Section 15 makes failing to repatriate those proceeds an offence, punishable by a fine, up to 10 years in prison, or both. The Ghana News Agency in 2021 and Starr FM in 2023 said exporters with retention arrangements are exempt.
What It Means for US Readers
US buyers of Ghanaian gold, cocoa or oil face no US rule change, because this is a Ghanaian rule on exporters. Ghana’s law already routes export payments bank to bank, so buyers may find exporters insisting on payment by bank transfer.
For investors, the campaign shows Accra pressing exporters to return foreign currency through its banks to support the cedi and reserves. The Bank gave no reserve figure in its text, so the effect on the exchange rate cannot be measured yet.
Travellers and expatriates are not affected, since the rule covers merchandise exporters. Anyone shipping goods out of Ghana should ask their bank about the revised rules.
What Is Not Known
The revised guidelines were not found on the Bank’s notices page, so the full rules and any start date are unconfirmed. The 120 day window rests on the Bank’s keynote text and two Ghanaian outlets.
The domestic sale warning and the Customs Act link come from Baidoo’s remarks as quoted by Citi Newsroom alone. No Customs text tying export declarations to repatriation could be found, so the claim is unverified.
No audit start date, penalty amount or exemption terms were announced. The Act caps the fine at 5,000 penalty units, whose current cedi value is unconfirmed, so no US$ figure appears.
What Comes Next
The Bank said it will keep upgrading monitoring and automation for the LOC system. The Finance Ministry said audits will follow but gave no date.
Stakeholders flagged unresolved concerns including delays in retiring LOCs, exchange rates and third party payments. Watch for the Bank to publish the revised guidelines and answer them.
Frequently Asked Questions
What did the Bank of Ghana tell exporters on 14 October 2026?
Second Deputy Governor Matilda Asante-Asiedu told exporters in Accra that export proceeds must return through the formal banking system. She spoke at the close of a nationwide campaign on revised Letter of Commitment guidelines.
How long do Ghana exporters have to bring proceeds home?
The revised guidelines extend the mandatory repatriation period from 60 days to 120 days. Graphic Online reported a Bank official announcing the 120 day deadline after shipment in January.
Is this a new law?
No, the Foreign Exchange Act of 2006 already makes failing to repatriate export proceeds an offence. A Finance Ministry official called the LOC an existing mechanism, not a new policy.
What happens to exporters who do not comply?
The Act allows a fine, up to 10 years in prison, or both on conviction. The Finance Ministry said audits and sanctions will follow, and Citi Newsroom reported such exports could be treated as domestic sales.
Does this affect US buyers of Ghana’s gold, cocoa or oil?
It is a Ghanaian rule on exporters, not on foreign buyers. Buyers may see exporters insist on bank to bank payment, which the 2006 Act already requires.
What is the Letter of Commitment?
It is an export document generated through Ghana’s customs system that lets the Bank of Ghana monitor merchandise exports. It is meant to ensure proceeds return through the formal banking system.
Sources: Bank of Ghana, keynote address by Second Deputy Governor Matilda Asante-Asiedu, 14 October 2026; Bank of Ghana speeches page, 15 October 2026; Citi Newsroom, 15 October 2026; Business & Financial Times, 16 October 2026; Graphic Online, 9 January 2026; Ghana News Agency, 30 July 2026; Ghana News Agency, 26 August 2026; Graphic Online, 26 August 2026; Foreign Exchange Act, 2006 (Act 723), GhaLII; Ghana News Agency, 2021; Starr FM, 30 November 2023 (all accessed 16 October 2026).
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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