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By: Edward Graham Sebbie
Ghanaian exporters will now have more breathing space to bring their earnings home.
This relief comes about as Ghana Shippers Authority and the Bank of Ghana have extended the mandatory period for repatriating export proceeds from 60 days to 120 days, under revised Letter of Commitment guidelines.
The announcement was made at the Ghana Shippers House in Accra on October 14th, closing a nationwide sensitization drive that took regulators to nine export hubs, from Takoradi and Cape Coast to Kumasi, Tamale, Bolgatanga and Aflao.
The old 60-day rule had become a pain point as exporters of cocoa, cashew and other non-traditional goods complained that buyers abroad, shipping delays and documentary bottlenecks made it almost impossible to meet the deadline. The result was sanctions, frozen LOCs and a lot of quiet frustration at the ports.
The new 120-day window is meant to fix that without losing control of the dollars.
Speaking at the closing ceremony, Shippers Authority CEO Professor Ransford Gyampo was blunt. “Ghana cannot fully benefit from its exports if the foreign exchange does not return through the appropriate channels. Repatriating export proceeds is not just a regulatory requirement, it is a patriotic duty,” he said.
He urged exporters to work with banks and regulators, saying compliance protects the country’s forex reserves and supports economic stability.
Second Deputy Governor of the Bank of Ghana, Matilda Asante-Asiedu, emphasized that managing export proceeds is not about punishing businesses because it affects the cedi, it affects government revenue, and it affects how much the central bank can do to stabilize the economy.
The revised guidelines clarify who does what across the chain — exporter, bank, and regulator — and try to cut the inefficiencies that delayed transactions in the past. The regulators are also pushing for all proceeds to come through the formal banking system, closing loopholes that allowed diversion.
For many small exporters, the extra 60 days is more than administrative. It is time to negotiate, ship, clear, and still meet the rules without being flagged as non-compliant.
The regulators say enforcement will continue, but now with more room to comply.
