Export dollars must come home – BoG

Every dollar Ghanaian exporters earn must come home through local banks, the Bank of Ghana has insisted, as it rolls out revised rules to tighten monitoring of export proceeds and seeks to turn the country’s strong trade surpluses into firmer foreign exchange reserves and a more stable cedi.

Ghana recorded a trade surplus of about US$8.8 billion in the first half of 2026 on export earnings of roughly US$18.3 billion, according to the central bank. Over much the same period, gross international reserves fell from US$14.16 billion in March to US$11.07 billion in August, and the cedi has lost a bit of its value against the dollar this year but is starting to bounce back slowly.

Second Deputy Governor Matilda Asante-Asiedu said every export dollar that fails to come home weakens the economy’s defences.

“Every delayed, un–repatriated, or unaccounted-for export receipt represents resources that could otherwise support economic stability, facilitate trade financing, strengthen foreign exchange liquidity, and contribute to national development,” she said.

She was speaking at the head office of the Ghana Shippers’ Authority in Accra on Wednesday at the launch of a nationwide sensitization programme on the Letter of Commitment (LOC) regime, the framework through which the central bank monitors merchandise exports and ensures that proceeds are returned through the formal banking system.

“Export proceeds are not merely transaction records,” Asante-Asiedu said. “They are a strategic national asset that helps stabilize our currency, finance imports, support businesses, and strengthen the economy.”

At the centre of the programme are revised Operational Guidelines, which she said were shaped by complaints from exporters, banks and other players about the difficulty of complying with LOC requirements.

“We listened carefully,” she said, adding that the new rules are meant to “make compliance easier, improve transparency, and reduce operational bottlenecks that affect legitimate business activities.”

The guidelines set out the roles of each party in the export chain and cover the generation of LOCs, repatriation of proceeds, extension procedures, advance payment arrangements, retention policies and the handling of non-conformity cases.

Exporters have already welcomed one major change: the doubling of the period allowed for repatriating export proceeds from 60 days to 120 days.

But the central bank’s consultations across the country also exposed problems that remain unresolved. Stakeholders raised delays in retiring LOCs, exchange rate concerns, third-party payment arrangements, the operation of retention accounts, regional trade settlements, Free Zones transactions, and how to treat legitimate shortfalls in export proceeds.

Asante-Asiedu said the Bank would address these through better monitoring and reporting systems, closer work with partner institutions and periodic reviews of the guidelines. It is also increasing automation, upgrading its operational platforms and improving data management to cut delays.

“The Bank of Ghana does not view compliance and trade facilitation as competing objectives,” she said. “An effective LOC regime should not hinder legitimate trade; rather, it should create a transparent, predictable, and efficient environment that supports exporters.”

The stakes are high. Exports of goods and services accounted for more than 35 per cent of gross domestic product in 2025, when Ghana earned about US$31.2 billion from exports and posted a trade surplus of about US$13.8 billion. Gold, crude oil and cocoa made up more than 80 per cent of export earnings, leaving the country’s foreign exchange position heavily dependent on a handful of commodities.

The Deputy Governor also pointed exporters to a new channel for trade with China, one of Ghana’s most important commercial partners. Stanbic Bank Ghana has become the first local bank to offer direct access to the China Cross-Border Interbank Payment System (CIPS), following approval from the Bank of Ghana, allowing eligible businesses to settle transactions directly in Chinese yuan. GCB Bank PLC is pursuing a similar arrangement.

By cutting out intermediary banks and the need to convert through the US dollar, the system is expected to lower costs and speed up payments.

The new channel is likely to matter most to importers. Trade between Ghana and China reached about US$14.1 billion in 2025, according to provisional Ghana Statistical Service data cited by the Chinese Embassy. China supplied 22.7 per cent of everything Ghana imported, but bought only 4.9 per cent of its exports. Paying for Chinese goods in yuan could ease some pressure on the dollar market, which has borne the weight of seasonal import demand in recent weeks.

For exporters, Asante-Asiedu said, yuan settlement offers a way to diversify payment channels, reduce transaction costs and strengthen access to one of the world’s largest markets, while supporting the monitoring and repatriation of export proceeds.

She insisted that the success of the LOC regime would depend on exporters meeting reporting requirements, banks serving customers efficiently, customs easing clearance, and freight forwarders ensuring accurate documentation.

“Behind every Letter of Commitment lies a broader national objective,” she said. “It is about ensuring that the value created by Ghanaian exporters ultimately benefits the Ghanaian economy.”