June 13, 2019
Exporters encouraged to repatriate export proceeds
Exporters have been encouraged to repatriate proceeds from merchandise exports in compliance with the provisions of Section 15 of the Foreign Exchange Act,2006 (Act 723) which relates to export activity and repatriation.
With the exception of exporters with retention arrangements with relevant government agencies or departments, repatriation shall be 100 per cent of the export value of all merchandise exports.
The Head of Foreign Banking Operations of the Bank of Ghana, Mr Eric Kweku Hammond gave the advice at a regional sensitisation seminar organised on 11th June, 2019 in Aflao by the Ghana Shippers’ Authority (GSA) for members of the Volta Regional Shipper Committee and other stakeholders operating in the transport and logistics sector in the Volta Region.
He cautioned that exporters who fail to repatriate proceeds through an external bank are in breach of Act 723 and are liable on summary conviction to a fine of not more five thousand penalty units or to a term of imprisonment of not more than ten years or to both.
Mr Hammond also advised exporters to generate a Letter of Commitment (LOC), a web-based export document from the GCNet eMDA portal to accompany all exports from Ghana.
The participants at the seminar, numbering over 120, also received education from resource persons from GLICO and the GSA on types and benefits of cargo insurance policies and the causes and prevention of demurrage, respectively.
In a welcome address, the Tema Branch Manager of the GSA, Mrs Monica Josiah said over the past four decades, her organisation has demonstrated its commitment to empowering and building the capacity of importers, exporters and relevant stakeholders through regular and periodic seminars, workshops and information dissemination.
She said the GSA in its bid to reach out to importers and exporters throughout Ghana, has established Shipper Committees in each region to create platforms for shippers and relevant stakeholders to deliberate on industry issues and also initiate solutions to challenges that confront them in their shipping transactions.
Representatives from the Ghana Revenue Authority-Customs Division, Ghana Immigration Service, Narcotics Control Board, Customs Brokers Association-Ghana, importers, exporters and other shipping service providers took part in the one-day seminar.