The Bank of Ghana (BoG) has served a stern warning to exporters who fail to repatriate proceeds from their exports within the legally stipulated time frame, stressing that defaulters risk fines of up to five thousand penalty units, imprisonment for a maximum of ten years, or both.

The central bank’s latest directive, issued on October 30, 2025, underscores its renewed commitment to enforcing Section 15(4) of the Foreign Exchange Act, 2006 (Act 723), which mandates all exporters to return foreign exchange earnings to the country within a specified period.

According to the BoG, any exporter who fails to justify the delay or non-repatriation of proceeds will face punitive measures under the law.

The regulator emphasized that these sanctions are part of a broader effort to strengthen the foreign exchange management, stabilize the cedi, and promote accountability among export-oriented businesses

This development follows an earlier decision by the central bank granting exporters an additional sixty (60) calendar days beyond the original validity period of their Letters of Commitment (LOCs) — documents that commit exporters to repatriate export proceeds within 120 days from the date of shipment.

However, the BoG made it clear that such extensions will only be approved if the exporter provides “reasonable and well-documented justification” to the satisfaction of the Bank.

In its latest notice, the Bank stated, “Such an extension shall only be approved upon the submission of a reasonable and well-documented justification by the exporter. No further extensions shall be granted beyond the first extension.”

Exporters, however, retain the option to request the cancellation of their LOCs, provided they can offer “adequate justification” for doing so.

The central bank has also directed all authorized dealer banks to ensure strict compliance with the repatriation rules and to promptly inform their exporter clients of the new enforcement measures.

“Export proceeds shall be repatriated through the exporter’s nominated bank within 120 days from the date of shipment,” the notice reiterated.