Accra:Every dollar earned by Ghanaian exporters must be repatriated through local banks, According to Bank of Ghana, as it introduces revised regulations to enhance monitoring of export proceeds. The aim is to transform the country's significant trade surpluses into stronger foreign exchange reserves and a more stable cedi.
According to Ghana Web, Ghana's trade surplus reached approximately US$8.8 billion in the first half of 2026, with export earnings totaling around US$18.3 billion, per the central bank's data. During the same period, gross international reserves decreased from US$14.16 billion in March to US$11.07 billion in August. Although the cedi has experienced some depreciation against the dollar this year, it is gradually recovering.
Second Deputy Governor Matilda Asante-Asiedu emphasized the importance of repatriating export dollars to fortify the economy. She explained that unreturned or delayed export receipts represent potential resources for economic stability, trade financing, foreign exchange liquidity, and national development. Asante-Asiedu made these remarks at the Ghana Shippers’ Authority's headquarters in Accra during the launch of a nationwide sensitization program on the Letter of Commitment (LOC) regime.
The new Operational Guidelines have been developed in response to feedback from exporters, banks, and other stakeholders about challenges in complying with LOC requirements. Asante-Asiedu stated that the revised rules aim to facilitate compliance, enhance transparency, and minimize operational hurdles that affect legitimate business operations. A significant change welcomed by exporters is the extension of the repatriation period from 60 to 120 days.
However, consultations have revealed ongoing issues, such as delays in LOC processing, exchange rate concerns, third-party payment arrangements, and more. The central bank plans to tackle these issues through improved monitoring, collaboration with partner institutions, and periodic guideline reviews. Additionally, the bank is advancing automation and data management to reduce delays.
In 2025, exports of goods and services constituted over 35% of Ghana's GDP, with export earnings of about US$31.2 billion and a trade surplus of approximately US$13.8 billion. The country's foreign exchange position heavily relies on commodities like gold, crude oil, and cocoa, which account for over 80% of export earnings.
Furthermore, Asante-Asiedu highlighted a new trade channel with China. Stanbic Bank Ghana, with approval from the Bank of Ghana, now offers direct access to the China Cross-Border Interbank Payment System (CIPS), allowing businesses to settle transactions in Chinese yuan. This system is expected to reduce costs and expedite payments by eliminating intermediary banks and the need for dollar conversion.
The Deputy Governor underscored that the success of the LOC regime depends on exporters fulfilling reporting requirements, efficient bank services, customs facilitation, and accurate documentation by freight forwarders. She emphasized the broader national objective of ensuring that the value generated by Ghanaian exporters benefits the Ghanaian economy.