Accra:The Ghana Shippers' Authority (GSA) and the Bank of Ghana (BoG) have successfully completed a nationwide sensitisation campaign aimed at promoting the revised Letter of Commitment (LOC) guidelines. The campaign called on exporters and stakeholders to ensure the timely repatriation of export proceeds through the formal banking system to bolster economic stability.
According to Ghana Web, the campaign took the organizations to several regions including the Western Zone, Kumasi, Sunyani, Tamale, Koforidua, and Aflao, before concluding in Accra on October 14, 2026, at the Ghana Shippers' House. These regional sessions provided exporters and businesses the opportunity to clarify the revised requirements and address compliance challenges.
The final engagement gathered stakeholders from across the export value chain to deepen their understanding of the guidelines and emphasized the importance of repatriating export proceeds through the formal financial system. Prof. Ransford Gyampo, CEO of GSA, highlighted the economic benefits dependent on the repatriation of foreign exchange earned from exports through appropriate channels. He urged exporters to collaborate with regulators, banks, and other relevant stakeholders to ensure compliance with the guidelines.
The LOC regime, introduced to monitor merchandise exports, ensures proceeds are repatriated through the formal banking system, thereby protecting Ghana's foreign exchange resources and supporting macroeconomic stability. The revised guidelines extend the repatriation period from 60 to 120 days, providing exporters more time to complete transactions. They also clarify the responsibilities of various stakeholders and aim to simplify compliance.
Matilda Asante-Asiedu, Second Deputy Governor of BoG, stressed the national importance of strengthening export monitoring for exchange rate stability and investor confidence. She explained that the revised guidelines aim to improve transparency and reduce operational bottlenecks.
The Ministry of Finance's Kofi Baidoo noted the doubling of Ghana's export proceeds in 2025 and stressed the importance of renewed commitment to the LOC framework. He warned that audits will identify non-compliance, with sanctions applied as necessary.
The campaign's conclusion marks a significant step in taking the revised LOC guidelines to the export community, with continued engagement essential for improving compliance and ensuring export proceeds return through formal channels to support Ghana's economic objectives.