Exporters across Ghana are urging government to introduce compensation and incentive mechanisms to protect them from potential financial losses arising from currency fluctuations under the Bank of Ghana’s (BoG) new foreign exchange repatriation directive.
The call follows the Central Bank’s recent enforcement of rules requiring exporters to repatriate all export earnings through their designated banks within 120 days after shipment, with a possible 60-day extension under special circumstances. Non-compliance attracts stiff penalties — including fines up to 5,000 penalty units or even imprisonment for up to ten years.
While the move aims to tighten discipline in Ghana’s forex market and strengthen reserves, exporters say they risk losing revenue due to cedi volatility between the time of export and repatriation.
The Executive Secretary of the Importers and Exporters Association of Ghana, Samson Asaki Awingobit, told Citi Business News that although the group supports the BoG’s policy direction, exporters need safeguards to avoid losses caused by unpredictable exchange rate shifts.
“Exporters should be given some incentives because they are losing from the rate they were projecting to make due to the cedi’s performance,” Awingobit said.
“I also believe the Bank of Ghana is working hard to ensure a rate that serves the interests of both exporters and importers. Both sides want to break even.”
He proposed that the Ghana Export Promotion Authority (GEPA) introduce cushioning measures or a rebate system for exporters who incur losses from exchange rate differentials, especially during periods of cedi instability.
According to him, the gesture would ensure fairness between importers and exporters as the BoG intensifies oversight of forex inflows.
Awingobit emphasised that while exporters remain committed to transparency and compliance, supportive measures are crucial to sustain their competitiveness and confidence in the international trade space.
“The government must show that it values exporters’ contribution to Ghana’s foreign exchange earnings by protecting them from undue risk,” he added.
The BoG’s directive forms part of a broader effort to plug leakages in foreign exchange inflows, ensure repatriation of export proceeds, and stabilise Ghana’s balance of payments.
