Skip to main content

Bank of Ghana establish rules to govern repatriation of export receipts


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.



Comments

Popular posts from this blog

Akuapem-Apirede to promote tourism

By: Fred Yaw Sarpong sarpong007@gmaail.com
The Chiefs and people of Akuapem-Apirede in the Okere Constituency of the Akuapem North Municipality have put in place strategic plans to promote tourist sites in the town.
Apiredehene, Nana Saforo Okoampah III told the Daily Express that their vision is to develop Apirede in a modern way.
“We want to have a modern society and environment. We are doing this on the basis of promoting tourism here,” he added.
According to the Apiredehene, it’s their plan to promote the historic sites and the geographical location of the community.
Apirede is one of the 17 towns that forms the Akuapem State and historically, it used to house the armours of the Akuapem State. The community is part of the Nifa division of Akuapem.
He stated that one of those things was called ‘Odosu’ (the war god for Okuapemhene). “The Chief Executioner in those days for Akuapem also came from Apirede and items that he used were also kept here,” he stated.
“These are a lot of things …

PIAC told to go to court to enforce recommendations

By: Fred Yaw Sarpong
sarpong007@gmail.com

The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.

According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.

He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.

He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.

The workshop was organized by the Institute of Financ…

BoG shuts down two financial institutions

The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.

The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).

The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.

A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.

The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.

“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…