The Bank of Ghana (BoG) has warned exporters that failure to repatriate foreign earnings within the legally stipulated period could attract fines of up to 5,000 penalty units, imprisonment for up to 10 years, or both.
In a directive issued on October 30, 2025, the central bank said all exporters must repatriate their export proceeds through authorised banks within 120 days of shipment.
The BoG allows one extension of 60 days, which “shall only be approved upon the submission of a reasonable and well-documented justification by the exporter, to the satisfaction of the Bank.” Exporters may also request cancellation of Letters of Commitment (LOCs), “subject to the submission of adequate justification.”
“All Authorised Dealer Banks shall ensure strict compliance with this notice and promptly communicate its provisions to their exporter clients. Consequently, Section 4 of Notice Number BG/GOV/SEC/2016/03 on Rules on Repatriation of Export Proceeds is hereby repealed with immediate effect. This Notice shall come into effect on 30th October 2025 and remain in force until otherwise amended or revoked,” the BoG said.
The warning is backed by Section 15(4) of the Foreign Exchange Act, 2006 (Act 723), which empowers authorities to prosecute non-compliant exporters.
The central bank said the measure is aimed at strengthening oversight of the foreign exchange market, improving traceability of export proceeds, and protecting Ghana’s foreign exchange reserves. It added that delayed or unaccounted export proceeds in recent years had contributed to pressure on the cedi and limited foreign exchange liquidity.
Authorised banks are required to monitor export accounts closely and report any unexplained delays or breaches to the BoG.
The BoG said the directive is part of broader efforts to instill discipline in the export sector and safeguard the stability of the local currency.
