New Foreign Exchange Directives Exporters delighted over BOG new foreign exchange rules

According to a statement released by the Bank of Ghana and copied to pulse.com.gh, exporters are required to repatriate all their export receipts to Ghanaian banks.

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Ghana Importers and Exporters Association play

Ghana Importers and Exporters Association

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The Importers and Exporters Association  of Ghana have  expressed delight over the Bank of Ghana's new  Foreign exchange  directives which require exporters to change their foreign exchange as and when they need it.

This is a complete turn from an earlier directive that put a restriction on the total amount of foreign exchange revenue exporters can keep in their foreign exchange accounts.

According to association the move is  for the greater good of the country.

Executive Secretary of the Importers and Exporters Association, Samson Awingobite speaking to Pulse.com.gh said, “This is better than their[ Bank of Ghana] stance before. Now we at liberty to change our foreign exchange to our local banks as and when it is necessary. I think it’s a laudable idea”, he said.

The Bank of Ghana will, from July 1, 2016 roll out new directives governing foreign exchange accounts of exporters in the country.

According to a statement released by the Bank of Ghana and copied to pulse.com.gh, exporters are required to repatriate all their export receipts to Ghanaian banks.

READ MORE: Export Receipts BoG introduces fresh rules on repatriation of export proceeds

The monies are to be kept in foreign exchange accounts and then converted to Cedis as when it is needed.

This applies to all exporters, except those with special retention agreements with government. In preparation for the change, Bank of Ghana has introduced new export forms that are revised to reflect the changes.

The Bank further sought to emphasize that any exporter who fails to fully repatriate export proceeds  in compliance to the directives will be in full violation of the  Section 15 ( 4 ) of the Foreign Exchange Act and is punishable by law.

It is believed that the move is part of efforts of the Bank of Ghana to increase supply of foreign exchange in the country and to further stabilize the local currency against the major foreign currencies.

It is, however, more relaxed than earlier restrictions on foreign exchange accounts where exporters were not allowed to keep more than 12,000 dollars in their foreign exchange accounts.

 

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