The Bank of Ghana (BoG) has issued a strict new directive to all exporters, warning that failure to repatriate export proceeds within the legally mandated timeframe could lead to severe criminal and financial penalties.
According to the central bank, exporters who do not comply may face fines of up to 5,000 penalty units equivalent to more than ₵60,000 or imprisonment of up to 10 years, or both.
Understanding the New Rule
Under the new framework, all exporters are required to repatriate export proceeds through their nominated banks within 120 days of shipment.
Exporters who encounter legitimate delays may apply for a single extension of up to 60 days, but only with formal approval from the Bank of Ghana and clear justification.
The directive officially takes effect on October 30, 2025, and replaces Section 4 of Notice Number BG/GOV/SEC/2016/03, which previously governed export proceeds repatriation.
Purpose of the Directive
The Bank of Ghana’s statement explains that this measure is intended to enforce financial discipline and protect the country’s foreign exchange reserves.
Delayed repatriation of export earnings has been identified as a major source of foreign exchange leakages, which contribute to:
- Reduced foreign currency liquidity
- Increased pressure on the Ghanaian cedi
- Volatility in exchange rates
- Weakened balance of payments performance
By tightening controls on export proceeds, the BoG aims to strengthen the cedi, enhance forex stability, and promote accountability in Ghana’s export sector.
Compliance Responsibilities
The directive applies to both exporters and authorized dealer banks.
- Exporters must ensure that all export earnings are transferred to Ghana within the prescribed timeframe and properly documented.
- Authorized Dealer Banks (commercial banks handling foreign exchange) are required to monitor exporters’ accounts closely, report any breaches immediately, and ensure clients are informed about the new rules.
Failure by banks to enforce compliance could also attract regulatory consequences.
Legal Framework
The enforcement of this directive is supported by Section 15(4) of the Foreign Exchange Act, 2006 (Act 723), which empowers the authorities to impose criminal sanctions for violations of foreign exchange regulations.
This gives the BoG legal authority to prosecute non-compliant exporters, making the directive not just administrative but enforceable under Ghanaian law.
Key Implications for Exporters
- Stricter Monitoring: Export transactions will now be closely tracked by both the exporter’s bank and the central bank.
- Limited Flexibility: Only one 60-day extension is allowed, and approval is not automatic.
- Legal Accountability: Non-compliance can lead to prosecution, significant fines, or imprisonment.
- Revised Bank Procedures: Banks will likely enhance documentation and reporting requirements for export clients.
Broader Economic Context
Ghana has faced recurring foreign exchange shortages, partly driven by delays in export proceeds returning to the country. By tightening enforcement, the central bank seeks to improve forex inflows, reduce pressure on the cedi, and promote sustainable balance of payments performance.
This aligns with broader policy efforts to stabilize the currency and ensure that foreign currency earned abroad contributes directly to domestic economic resilience.
Conclusion
The new BoG directive marks a significant shift in Ghana’s export and foreign exchange regulation. Exporters must now take a proactive approach to tracking their export payments, maintaining documentation, and staying within the 120-day repatriation window.
Failure to comply is not just a procedural issue it now carries serious legal consequences.