GSA, BoG conclude nationwide LOC sensitisation campaign

The Ghana Shippers’ Authority (GSA) and the Bank of Ghana (BoG) have concluded a nationwide sensitisation campaign on the revised Letter of Commitment (LOC) guidelines, with a call on exporters and other stakeholders to ensure the timely repatriation of export proceeds through the formal banking system to support economic stability.

The campaign took the two institutions from Accra to the Western Zone, Kumasi and Sunyani, Tamale, Koforidua and Aflao before returning to Accra for the final engagement at the Ghana Shippers’ House on October 14, 2026. The regional sessions brought the discussions closer to exporters and other businesses, providing opportunities to clarify the revised requirements and address practical challenges associated with compliance.

The concluding engagement brought together stakeholders across the export value chain to deepen their understanding of the guidelines and reinforce the importance of repatriating export proceeds through the formal financial system.

Speaking at the event, the Chief Executive Officer of GSA, Prof. Ransford Gyampo, emphasised that the economic benefits Ghana derived from its exports depended largely on whether the foreign exchange earned was returned through the appropriate channels.

“The material value of these exports to our national development hinges on whether the foreign exchange earned is repatriated to Ghana through the appropriate channels. This explains why the repatriation of export proceeds is not merely a regulatory requirement, but a patriotic duty in ensuring that Ghana derives the full economic benefit from its resources,” he stated.

Prof. Gyampo urged exporters to work collectively with regulators, commercial banks, customs house agents and other relevant stakeholders to ensure that export proceeds were repatriated in accordance with the guidelines. He added that exporters had a critical role to play in safeguarding the strength of the cedi and supporting the country's economic stability.

The nationwide campaign engaged exporters, commercial banks, customs house agents, Free Zone companies and relevant ministries, departments and agencies. It formed part of broader efforts to improve understanding of the revised requirements and address operational challenges affecting businesses involved in international trade.

The LOC regime was introduced to facilitate the monitoring of merchandise exports and ensure that proceeds were repatriated through the formal banking system. It also supports the protection of Ghana’s foreign exchange resources, macroeconomic stability and confidence in the financial system.

The revised guidelines include an extension of the mandatory period for repatriating export proceeds from 60 to 120 days, giving exporters more time to complete international transactions. They also include directives on the application of foreign exchange rates by shipping service providers, alongside measures intended to simplify compliance and improve the efficiency of the export monitoring framework.

Addressing stakeholders, the Second Deputy Governor of the BoG, Matilda Asante-Asiedu, underscored the national importance of strengthening export monitoring and ensuring the timely repatriation of export proceeds.

She explained that the performance of the export sector had implications beyond individual businesses, affecting exchange rate stability, investor confidence, government revenue and the overall resilience of the Ghanaian economy.

Asante-Asiedu said the revised guidelines were designed to provide greater clarity, promote consistency, reduce uncertainty and improve efficiency across the export value chain by clearly defining the responsibilities of the various stakeholders.

“Our objective is straightforward: to make compliance easier, improve transparency, and reduce operational bottlenecks that affect legitimate business activities,” she said.

She further stressed that the exercise was not merely about regulations and procedures, but also about creating a more efficient export environment, supporting businesses that drive growth and ensuring that Ghana derived the full benefits of its international trade.

The BoG reaffirmed its commitment to improving the systems and processes underpinning the LOC framework beyond the conclusion of the nationwide campaign. Mrs Asante-Asiedu indicated that the Bank was strengthening monitoring mechanisms, enhancing data management, increasing automation and upgrading operational platforms to improve efficiency and the user experience.

For the Ministry of Finance, Kofi Baidoo, Head of Revenue Assurance, said Ghana’s export proceeds had doubled in 2025, a development believed to have been supported by certain policy interventions. He stressed that the LOC framework was not a new policy, but an existing mechanism that required renewed commitment and effective implementation.

Baidoo said the Ministry would monitor compliance to ensure that all relevant stakeholders fulfilled their responsibilities. He added that audits would be conducted to identify instances of non-compliance and warned that sanctions would be applied where necessary.

The regional engagements also provided opportunities for exporters to raise practical concerns and seek clarification on the application of the revised guidelines. Issues surrounding LOC corrections, banking arrangements, retention of export proceeds and the use of the Integrated Customs Management System (ICUMS) featured in the discussions.

The sensitisation was intended to help businesses better understand the procedures governing their export transactions and address difficulties that could affect compliance. Accurate documentation, proper banking arrangements and timely updating of export transactions on ICUMS remain important to ensuring that payments are correctly matched to the relevant export records.

The conclusion of the nationwide campaign marks an important step in taking the revised LOC guidelines directly to the export community. For GSA and BoG, sustained engagement with businesses and other stakeholders remains essential to improving compliance, reducing operational difficulties and ensuring that proceeds from Ghana’s exports return through the formal financial system to support the country’s broader economic objectives.