Exporters Face Up to 10 Years Jail for Failing to Repatriate Proceeds – BoG
BoG tightens export rules to protect forex reserves and strengthen the cedi.
- Exporters must repatriate proceeds within 120 days; one 60-day extension allowed with approval.
- Defaulters risk fines of up to 5,000 penalty units or 10 years imprisonment.
- Directive forms part of BoG’s efforts to curb forex leakages and stabilise Ghana’s economy.
The Bank of Ghana (BoG) has issued a stern warning to exporters, emphasizing that failure to repatriate export proceeds within the legally required timeframe will attract severe sanctions, including hefty fines and possible imprisonment.
Under the new directive, exporters must repatriate all export earnings through their designated banks within 120 days of shipment. A one-time extension of 60 days may be granted, but only with full justification and prior approval from the central bank.
Violators face penalties of up to 5,000 penalty units or a jail term of up to 10 years, in line with the Foreign Exchange Act, 2006 (Act 723).
According to the BoG, the measure aims to promote discipline and accountability in Ghana’s export sector, strengthen foreign exchange reserves, and protect the cedi from depreciation caused by delayed inflows.
“All Authorised Dealer Banks must ensure strict compliance and immediately communicate these requirements to their exporter clients,” the statement read. It also announced the repeal of Section 4 of Notice No. BG/GOV/SEC/2016/03, with the new directive taking effect from October 30, 2025.
The BoG further directed banks to closely monitor export accounts and promptly report any violations or unexplained delays.
This move forms part of the central bank’s broader forex market reforms designed to enhance oversight, trace export revenues, and ensure all foreign currency earnings are accounted for within Ghana’s banking system.
By tightening enforcement, the Bank of Ghana seeks to curb forex leakages, stabilise the cedi, and strengthen the country’s balance of payments — a critical step toward long-term economic stability and growth.
