Failure to repatriate portion of proceeds could result in sanctions, jail term - BoG tells exporters

Exporters who fail to repatriate a portion of their proceeds to support the stability of Ghana’s foreign exchange regime would either face sanctions or serve a jail term.

This is according to the Bank of Ghana, who cautions that the 60-day grace period given to exporters will continue to be enforced to check abuse.

Deputy Director in charge of Foreign Global Transfer and Remittance at the Central Bank, Eric Hammond, therefore, urged exporters in the country to embrace the Bank of Ghana's Letter of Commitment Documents to facilitate their respective export businesses.

Addressing participants at a sensitization workshop on the BoG Letter of Commitment Requirement for the repatriation of export proceeds, Hammond said the Central Bank is open to engaging exporters on the compliance of the regulations.

"The objective is not to stifle your operations but to save it rather. We need you as you need us and that's exactly what we are doing here. After the 60 days and you are not complying, the system will block you and that means you would have to come to the Bank of Ghana which adds up to your cost," Hammond is quoted to have said by myjoyonline.com.

He added that, “We are not blocking you but the system does that. So, let's do well to do it so. It doesn't prevent you guys from doing further exportation. We don't have the power to prosecute you but we are engaging the security services on that".

Eric Hammond further said the Central Bank is in collaboration with the security agencies to ensure exporters comply with the rules and regulations.

MA/NOQ

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