The Bank of Ghana (BoG) has taken a strong regulatory stance against foreign exchange leakages, warning exporters that failing to repatriate export earnings within the stipulated deadline may result in severe criminal penalties, including up to 10 years in jail.
Effective from October 30, 2025, this enforcement is central to the BoG’s efforts to stabilize the Ghana Cedi and protect the country’s foreign exchange reserves.
New 120-Day Forex Repatriation Rule
Exporters must now repatriate all foreign exchange proceeds through their authorised dealer banks within 120 days after shipment. Only one extension of 60 days is allowed, which requires thorough justification and explicit approval from the BoG. This policy replaces Section 4 of Notice Number BG/GOV/SEC/2016/03, signalling a move to zero tolerance on compliance.
Strict Compliance and Penalties
Authorised dealer banks are mandated to ensure their exporter clients abide by these rules and to report any violations promptly. Exporters breaching the 120-day repatriation rule face prosecution under Section 15(4) of the Foreign Exchange Act, 2006 (Act 723), with penalties including:
Fines of up to 5,000 penalty units
Imprisonment for up to 10 years
Strengthened Oversight to Curb Forex Leakages
The BoG emphasizes the critical role of authorised dealer banks in enforcing this directive by:
Strictly following the new repatriation rules
Informing exporters of the regulatory changes
Monitoring export accounts vigilantly
Reporting any irregularities immediately to the BoG
This crackdown aims to curb forex leakages, improve the traceability of export proceeds, and address ongoing pressures on the local currency and forex liquidity. Ultimately, it seeks to support monetary stability, enhance the balance of payments, and foster sustainable economic growth in Ghana.
Story by : Mercy Addai Turkson #ahotoronline.com