Export Proceeds Are Strategic National Asset – BoG Second Deputy Governor
Bank of Ghana has revised its Letter of Commitment (LOC) operational guidelines to make compliance easier and reduce bottlenecks for exporters, Second Deputy Governor Mrs Matilda Asante-Asiedu has said.
She was speaking at the Nationwide Letter of Commitment Sensitisation Programme at the Ghana Shippers’ Authority Head Office in Accra, on Wednesday, October 14, 2026.
According to Mrs Asante-Asiedu, Ghana’s export sector remains a vital pillar of the economy, accounting for more than 35 percent of Gross Domestic Product in 2025.
In 2025, Ghana recorded export earnings of approximately *US$31.2 billion*, resulting in a trade surplus of about *US$13.8 billion*, with gold, crude oil and cocoa accounting for more than 80 percent of total earnings. By June 2026, export earnings had reached *US$18.3 billion*, with a trade surplus of US$8.8 billion.
“Export proceeds are not merely transaction records. They are a strategic national asset that helps stabilise our currency, finance imports, support businesses, and strengthen the economy,” she said.
Revised LOC Guidelines
Mrs Asante-Asiedu said the LOC regime was introduced to facilitate monitoring of merchandise exports and ensure repatriation of proceeds through the formal banking system.
She said feedback from exporters, banks, customs officials and freight forwarders had informed the revised guidelines, which seek to provide greater clarity, improve consistency and enhance efficiency.
The revised framework covers LOC generation, export proceeds repatriation, extension procedures, advance payment arrangements, retention policies, and management of non-conformity cases.
She said stakeholder engagements across the country broadly welcomed the extension of the export proceeds repatriation period from 60 days to 120 days, while concerns remain over delays in LOC retirement, exchange rate considerations, third-party payments, retention accounts, and Free Zones transactions.
“The Bank of Ghana does not view compliance and trade facilitation as competing objectives,” she stressed, adding that the Bank is strengthening monitoring mechanisms, enhancing data management, and increasing automation.
China Payment System
The Second Deputy Governor also announced the introduction of the China Cross-Border Interbank Payment System (CIPS) into Ghana’s financial landscape, which enables direct settlement of transactions in Chinese Yuan (Renminbi).
Stanbic Bank Ghana has become the first bank in Ghana to provide clients with direct access to CIPS following approval from the Bank of Ghana, while GCB Bank PLC is pursuing a similar arrangement.
She said the development will reduce reliance on intermediary banks, lower transaction costs and improve payment efficiency for businesses trading with China, Ghana’s major trading partner.
Mrs Asante-Asiedu thanked stakeholders for their cooperation, saying the success of the LOC regime depends on collective efforts to strengthen foreign exchange inflows and position Ghana as a more competitive, export-led economy.
