The Bank of Ghana (BoG) has revised its Letter of Commitment (LOC) operational guidelines. This revision aims to simplify compliance and reduce obstacles for exporters. The Second Deputy Governor, Mrs. Matilda Asante-Asiedu, announced these changes at a sensitisation programme in Accra on October 14, 2026.
The most significant change is the extension of the export proceeds repatriation period from 60 days to 120 days. This adjustment responds to feedback from exporters and other stakeholders. The goal is to provide greater clarity, improve consistency, and enhance efficiency in the export process. Ghana's export sector remains vital, contributing over 35 percent to the Gross Domestic Product in 2025.
Ghana's economy heavily relies on its export performance. In 2025, the nation recorded export earnings of approximately US$31.2 billion, leading to a trade surplus of about US$13.8 billion. Gold, crude oil, and cocoa collectively accounted for more than 80 percent of these total earnings. By June 2026, export earnings had already reached US$18.3 billion, with a trade surplus of US$8.8 billion. These figures underscore the importance of efficient export mechanisms for the country's financial health.
Mrs. Asante-Asiedu stated, "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 emphasized that the LOC regime monitors merchandise exports and ensures proceeds return through the formal banking system. The revised framework addresses LOC generation, repatriation, extension procedures, advance payments, retention policies, and managing non-compliance.
Looking ahead, the Bank of Ghana is also strengthening its monitoring mechanisms, enhancing data management, and increasing automation. These efforts aim to balance compliance requirements with trade facilitation. The central bank also announced the introduction of the China Cross-Border Interbank Payment System (CIPS) into Ghana's financial landscape. This system allows direct settlement of transactions in Chinese Yuan (Renminbi).
Stanbic Bank Ghana is the first bank to offer direct access to CIPS, with GCB Bank PLC pursuing a similar arrangement. This development will reduce reliance on intermediary banks, lower transaction costs, and improve payment efficiency for businesses trading with China. China is a major trading partner for Ghana. The success of these revised guidelines and new payment systems depends on collective efforts from all stakeholders. These measures are designed to strengthen foreign exchange inflows and position Ghana as a more competitive, export-led economy.