By: Fred Yaw Sarpong
Bank of Ghana (BoG0 has established rules to govern the repatriation of export proceeds from exporters in the country and this expected to take effect from July 1, 2016.
According to the rules, all exporters of goods and services, except exporters with retention agreements are obligated to repatriate to Ghana all export proceeds on receipt.
“Exporters who operate in accordance with retention agreements and who have been permitted to operate accounts offshore are allowed, until further notice, to retain in their offshore accounts the portion of export proceeds as provided for under the retention agreements,” the rules noted.
The rules pointed out that exporters shall ensure repatriation of export proceeds in accordance with the terms of export, provided that all export proceeds shall be received and repatriated immediately within a period not exceeding 60 days from the day of shipment of goods.
Central bank said export proceeds shall be repatriated through an external bank to exporter’s Foreign Exchange Account (FEA) opened with a local bank (Exporter`s Bank) which endorsed the export documents.
Meanwhile, it stated that an exporter who has several FEAs in different local banks shall ensure that proceeds are repatriated to the FEA at the bank which endorsed the export documents.
The rules further stated that “the exporter's bank shall be responsible for monitoring export proceeds repatriated to the exporter's FEA. The monitoring process shall be based on the information provided by the exporter, in accordance with the Rules on Procedures for Enforcement of Repatriation Requirement.”
“Export proceeds subject to surrender requirement shall be allowed to be sold by the exporter to any local bank, regardless of where export proceeds are repatriated,” according to the rules.
The central bank said prescribed period during which the above proceeds have to be surrendered is three (3) working days from the date when export proceeds are repatriated.
“An exporter who fails to repatriate export proceeds in full within the period prescribed shall be in violation of these rules and commits an offence under Section 15 (4) of the Foreign Exchange Act, 2006 and is liable on conviction to sanctions as prescribed.