The Second Deputy Governor of the Bank of Ghana, Mrs Matilda Asante-Asiedu, says export proceeds are not merely transaction records but a strategic national asset that helps stabilise the cedi, finance imports and strengthen the economy.
She was delivering a keynote address at the Nationwide Letter of Commitment (LOC) Sensitisation Programme held at the Ghana Shippers’ Authority Head Office in Accra on Wednesday, 14th October 2026.
The programme brought together representatives of regulatory institutions, the banking community, customs officials, freight forwarders, exporters and development partners to engage on Ghana’s export management framework.
Mrs Asante-Asiedu said Ghana’s export sector remains a vital pillar of the national economy. In 2025, exports of goods and services accounted for more than 35 percent of Gross Domestic Product, with export earnings of approximately US$31.2 billion, resulting in a trade surplus of about US$13.8 billion. Gold, crude oil and cocoa accounted for more than 80 percent of total export earnings.
She noted that recent external sector developments have shown resilience, with export earnings reaching about US$18.3 billion by June 2026, contributing to a trade surplus of about US$8.8 billion and supporting Ghana’s international reserve position.
She explained that the Letter of Commitment regime was introduced to facilitate monitoring of merchandise exports and ensure repatriation of export proceeds through the formal banking system, beyond its regulatory function to protect foreign exchange resources and reinforce confidence in the financial system.
According to her, a framework is only as effective as its implementation. Over the years, exporters, banks and other stakeholders have provided feedback on challenges in complying with LOC requirements, which have informed the revised Operational Guidelines being introduced through the sensitisation programme.
The revised guidelines, she said, are intended to provide greater clarity, improve consistency, reduce uncertainty and enhance efficiency across the export value chain. They clearly define roles and responsibilities of all stakeholders and aim to make compliance easier, improve transparency and reduce operational bottlenecks.
“The Bank of Ghana does not view compliance and trade facilitation as competing objectives. On the contrary, we believe they are mutually reinforcing,” she stressed, adding that an effective LOC regime should create a transparent, predictable and efficient environment that supports exporters.
She disclosed that the Bank is strengthening monitoring mechanisms, enhancing data management capabilities, increasing automation and upgrading operational platforms to improve efficiency and user experience.
Mrs Asante-Asiedu said stakeholder engagements across the country showed that participants broadly welcomed the extension of the export proceeds repatriation period from 60 days to 120 days, but identified areas requiring continued attention, including delays in LOC retirement, exchange rate considerations, third-party payment arrangements, retention account operations, regional trade settlements, Free Zones transactions and treatment of legitimate shortfalls.
She underscored the need for stronger collaboration, greater automation, enhanced transparency and sustained stakeholder education.
Touching on emerging developments, the Second Deputy Governor said China remains one of Ghana’s most important trading partners, and innovations in cross-border payment systems are creating new opportunities.
She 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), reducing reliance on intermediary banks and lowering transaction costs.
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.
For exporters, she said, these developments present opportunities to diversify payment channels, reduce costs, improve settlement efficiency and strengthen access to one of the world’s largest markets, while complementing the objective of strengthening monitoring and repatriation of export proceeds.
She assured that as the global payments landscape evolves, the Bank of Ghana will continue to support innovations that enhance trade competitiveness and facilitate legitimate trade while safeguarding the integrity and stability of Ghana’s foreign exchange management framework.
