The Ghana Shippers' Authority (GSA) and the Bank of Ghana (BoG) have completed a nationwide sensitisation campaign on the revised Letter of Commitment (LOC) guidelines, closing the exercise in Accra on October 14, 2026, with a direct appeal to exporters: bring your export proceeds home through the formal banking system.
The campaign, first reported by GhanaWeb, carried the two institutions from Accra through the Western Zone, Kumasi, Sunyani, Tamale, Koforidua and Aflao before the final engagement at the Ghana Shippers' House. It brought regulators face to face with exporters, commercial banks, customs house agents, Free Zone companies and relevant ministries, departments and agencies.
What the revised LOC guidelines change for exporters
The Letter of Commitment regime was introduced to monitor merchandise exports and ensure that proceeds return through the formal banking system. It protects Ghana's foreign exchange resources, macroeconomic stability and confidence in the financial system.
The revised guidelines extend the mandatory repatriation period for export proceeds from 60 to 120 days, giving exporters more room to complete international transactions. They also cover the application of foreign exchange rates by shipping service providers and include measures designed to simplify compliance and sharpen the export monitoring framework.
Repatriation as a patriotic duty, says GSA
Professor Ransford Gyampo, Chief Executive Officer of the GSA, told stakeholders that the value of Ghana's exports depends on whether the foreign exchange earned actually returns home.
“The material value of these exports to our national development hinges on whether the foreign exchange earned is repatriated to Ghana through the appropriate channels. This explains why the repatriation of export proceeds is not merely a regulatory requirement, but a patriotic duty in ensuring that Ghana derives the full economic benefit from its resources,” Prof. Gyampo said.
He urged exporters to work with regulators, commercial banks, customs house agents and other stakeholders to repatriate proceeds in line with the guidelines, stressing that exporters have a critical role in safeguarding the strength of the cedi and supporting economic stability.
Bank of Ghana promises easier compliance and automation
Second Deputy Governor of the BoG, Matilda Asante-Asiedu, said the revised guidelines were built to provide greater clarity, promote consistency and reduce uncertainty across the export value chain by defining the responsibilities of each stakeholder.
“Our objective is straightforward: to make compliance easier, improve transparency, and reduce operational bottlenecks that affect legitimate business activities,” she said.
She explained that export sector performance affects more than individual businesses; it shapes exchange rate stability, investor confidence, government revenue and the overall resilience of the Ghanaian economy. The BoG reaffirmed its commitment to strengthening monitoring mechanisms, enhancing data management, increasing automation and upgrading operational platforms beyond the campaign's conclusion.
Export proceeds doubled in 2025
Kofi Baidoo, Head of Revenue Assurance at the Ministry of Finance, delivered one of the most encouraging figures of the event: Ghana's export proceeds doubled in 2025, a development believed to have been supported by policy interventions.
Baidoo stressed that the LOC framework is not a new policy but an existing mechanism that requires renewed commitment and effective implementation. The Ministry will monitor compliance, conduct audits to identify non-compliance and apply sanctions where necessary.
Practical concerns raised by exporters
The regional sessions gave exporters room to raise hands-on concerns, including LOC corrections, banking arrangements, retention of export proceeds and the use of the Integrated Customs Management System (ICUMS). Accurate documentation, proper banking arrangements and timely updating of export transactions on ICUMS remain essential to matching payments to the correct export records.
For Ghanaian businesses trading internationally, and for members of the diaspora watching the country's export performance from abroad, the message from Accra is clear: the rules are simpler, the timelines are longer and the state is investing in the systems to make compliance work. The test now is implementation, and the Ministry of Finance has signalled that audits are coming.
Frequently asked questions about the LOC guidelines
What is the Letter of Commitment (LOC) in Ghana?
The LOC is a monitoring regime for merchandise exports that ensures proceeds are repatriated through Ghana's formal banking system, protecting the country's foreign exchange resources.
How long do exporters have to repatriate export proceeds?
Under the revised guidelines announced in the 2026 campaign, the mandatory repatriation period has been extended from 60 to 120 days.
Who enforces compliance with the revised LOC guidelines?
The Bank of Ghana oversees the framework, while the Ministry of Finance monitors compliance, conducts audits and applies sanctions where necessary.