The Bank of Ghana (BoG) has introduced revised Operational Guidelines on the Letter of Commitment (LOC) regime for shippers and exporters to simplify compliance procedures, reduce operational bottlenecks and improve the monitoring and repatriation of export proceeds through the formal banking system.

The revised guidelines are intended to provide greater clarity, consistency and transparency across Ghana’s export value chain by clearly defining the responsibilities of exporters, banks, customs officials, freight forwarders and other stakeholders involved in international trade.

Second Deputy Governor of BoG, Mrs Matilda Asante-Asiedu, said the changes were informed by feedback from exporters, banks and other stakeholders who had raised concerns about challenges encountered in complying with the LOC requirements.

Speaking at a nationwide LOC sensitisation programme, she said the revised framework sought to make compliance easier while creating a more predictable and efficient environment for legitimate trade.

The programme is designed to deepen stakeholders’ understanding of key aspects of the guidelines, including LOC generation, repatriation of export proceeds, extension procedures, advance payment arrangements, retention policies and the management of non-conformity cases.

Mrs Asante-Asiedu stressed that the LOC regime was not intended to obstruct legitimate business but to ensure that proceeds from Ghana’s merchandise exports returned through the formal banking system to support foreign exchange liquidity and macroeconomic stability.

Ghana’s export performance, she said, made effective monitoring of export proceeds a national priority.

In 2025, exports of goods and services accounted for more than 35 per cent of Gross Domestic Product (GDP), while the country earned approximately US$31.2 billion from exports and recorded a trade surplus of about US$13.8 billion.

Gold, crude oil and cocoa accounted for more than 80 per cent of total export earnings, highlighting the importance of safeguarding foreign exchange inflows from the country’s major export commodities.

By June 2026, export earnings had reached approximately US$18.3 billion, contributing to a trade surplus of about US$8.8 billion and supporting Ghana’s international reserve position.

She said export proceeds were more than transaction records, describing them as a strategic national asset that helped stabilise the cedi, finance imports, support businesses and strengthen the economy.

The LOC regime was introduced to facilitate the monitoring of merchandise exports and ensure the timely repatriation of proceeds.

Mrs Asante-Asiedu warned that delayed, unrepatriated or unaccounted-for export receipts represented resources that could otherwise support economic stability, trade financing and national development.

To improve the regime’s implementation, the Bank of Ghana is strengthening monitoring mechanisms, enhancing data management, increasing automation and upgrading operational platforms to improve efficiency and the user experience.

The initiatives are expected to improve transparency, reduce delays and enable stakeholders to fulfil their obligations more effectively.

Stakeholder engagements held across the country have also identified areas requiring attention, including delays in LOC retirement, exchange rate considerations, third-party payment arrangements, retention account operations, regional trade settlements, Free Zones transactions and the treatment of legitimate shortfalls in export proceeds.

Participants broadly welcomed the extension of the export proceeds repatriation period from 60 days to 120 days.

The Second Deputy Governor said the concerns raised during the engagements would inform continued improvements to the monitoring and reporting frameworks, collaboration with partner institutions and periodic reviews of the operational guidelines.

She emphasised that effective implementation required cooperation among all participants in the export value chain, including exporters who comply with reporting requirements, banks that support customers efficiently, customs authorities that facilitate trade and freight forwarders who ensure accurate documentation.

Mrs Asante-Asiedu also highlighted developments in cross-border payments as part of efforts to improve trade efficiency, particularly between Ghana and China.

She said the introduction of the China Cross-Border Interbank Payment System (CIPS) into Ghana’s financial landscape offered opportunities to reduce transaction costs, minimise reliance on intermediary banks and improve the speed of trade settlements in Chinese yuan.

Stanbic Bank Ghana has become the first bank in the country to provide clients with direct access to CIPS following approval from the Bank of Ghana, enabling eligible businesses to settle trade transactions directly in yuan. GCB Bank PLC is also pursuing a similar arrangement.

According to her, these developments could help exporters diversify payment channels, improve settlement efficiency and strengthen access to the Chinese market while complementing efforts to ensure the proper monitoring and repatriation of export proceeds.

She said the Bank of Ghana would continue supporting innovations that improve trade competitiveness and facilitate legitimate international transactions while safeguarding the integrity and stability of Ghana’s foreign exchange management framework.

Mrs Asante-Asiedu urged exporters, financial institutions and other stakeholders to embrace the revised guidelines and work collaboratively to strengthen compliance, improve transparency and ensure that the benefits of international trade contribute fully to Ghana’s economic development.