Ghana Shippers’ Authority, BoG Urge Exporters to Comply with Revised LOC Guidelines

The Ghana Shippers’ Authority (GSA) and the Bank of Ghana (BoG) have urged exporters to comply with the revised Letter of Commitment (LOC) guidelines to ensure that export proceeds are repatriated through the formal banking system.

The call was made at the conclusion of a nationwide sensitisation campaign that covered Accra, Takoradi, Cape Coast, Kumasi, Sunyani, Tamale, Bolgatanga, Koforidua and Aflao. The campaign ended with a stakeholder engagement at the Ghana Shippers’ House in Accra on October 14, 2026.

Speaking at the event, the Chief Executive Officer of GSA, Prof. Ransford Gyampo, stated that Ghana must receive the full economic benefits of its exports through the repatriation of foreign exchange earnings.

“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, commercial banks, Customs House Agents and other stakeholders to work together to ensure compliance with the guidelines, noting that this was critical to safeguarding Ghana’s foreign exchange resources and supporting economic resilience.

The Second Deputy Governor of the Bank of Ghana, Mrs Matilda Asante-Asiedu, said the revised guidelines were introduced to promote transparency, consistency and efficiency across the export value chain.

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

She added that the Bank of Ghana was strengthening monitoring systems, improving data management and increasing automation to improve efficiency and enhance the user experience.

On his part, the Head of the Revenue Assurance Unit at the Ministry of Finance, Victor Baidoo, mentioned the importance of compliance and accountability in the implementation of the LOC framework.

He disclosed that Ghana’s export proceeds doubled in 2025 and noted that the LOC framework was not a new policy but an existing mechanism that requires renewed commitment from all stakeholders.

Mr Baidoo further indicated that the Ministry would monitor compliance and undertake audits to identify breaches, adding that sanctions would be applied where necessary.

Margaret Adjeley Sowah, ISD