Face fines or jail for failing to repatriate proceeds-BoG warns exporters
In a notice dated October 30, 2025, the Central Bank said offenders could face fines of up to 5,000 penalty units, imprisonment of up to 10 years, or both
.jpeg)
The Bank of Ghana (BoG) has issued a stern warning to exporters, saying it will sanction those who fail to repatriate export proceeds within the legally required period.
In a notice dated October 30, 2025, the Central Bank said offenders could face fines of up to 5,000 penalty units, imprisonment of up to 10 years, or both, as prescribed under Section 15(4) of the Foreign Exchange Act, 2006 (Act 723).
The directive follows BoG’s earlier decision granting exporters up to 60 additional days beyond the original validity of their Letters of Commitment (LOCs)—but only with written justification approved by the Bank.
The Bank, however, clarified that no second extension would be granted, though exporters may request LOC cancellations if justified.
Exporters have also been reminded that proceeds must be repatriated within 120 days from the date of shipment through their nominated banks.
BoG further instructed authorised dealer banks to ensure strict compliance and communicate the directive to their clients.
The regulation forms part of ongoing efforts to strengthen foreign exchange management, boost transparency, and protect Ghana’s currency reserves.
