Ghana’s export sector remains central to the country’s economic stability, Bank of Ghana (BoG) Second Deputy Governor Matilda Asante-Asiedu has said.
Exports of goods and services represented more than 35 per cent of Gross Domestic Product in 2025, supporting economic growth, employment and foreign exchange generation. Ghana earned approximately US$31.2 billion from exports during the year and recorded a trade surplus of about US$13.8 billion.
Gold, crude oil and cocoa generated more than 80 percent of total export earnings, underlining the importance of protecting foreign exchange inflows from those sectors.
The contribution of exports has continued into 2026, with earnings reaching approximately US$18.3 billion by June. That helped produce a trade surplus of about US$8.8 billion and supported Ghana’s international reserve position.
“Export proceeds are not merely transaction records. They are a strategic national asset that helps stabilise our currency, finance imports, support businesses, and strengthen the economy,” Mrs Asante-Asiedu said.
She was speaking at the Nationwide Letter of Commitment (LOC) Sensitisation Programme in Accra on Thursday, October 15.
“The success of our export sector therefore has implications far beyond individual businesses. It affects exchange rate stability, investor confidence, government revenues, and the overall resilience of the Ghanaian economy,” she said.
“This is why strengthening export monitoring and ensuring the timely repatriation of export proceeds remain matters of national importance.”
The LOC regime was introduced to monitor merchandise exports and ensure that proceeds are returned through Ghana’s formal banking system. Mrs Asante-Asiedu said it also protects the country’s foreign exchange resources, supports macroeconomic stability and strengthens confidence in the financial system.
“Every delayed, unrepatriated, or unaccounted-for export receipt represents resources that could otherwise support economic stability, facilitate trade financing, strengthen foreign exchange liquidity, and contribute to national development,” she said.
She said the programme was intended to improve the export environment rather than focus solely on regulation.
“Today is not merely about discussing regulations or operational procedures. It is about building a more efficient export environment, supporting businesses that drive growth, and ensuring that Ghana derives the full benefits of its international trade activities,” she said.
Exporters, banks, customs officials, freight forwarders and regulators all had a role in achieving that objective, she added.
The Bank of Ghana has revised its Operational Guidelines after receiving feedback from exporters, banks and other stakeholders about difficulties in meeting LOC requirements.
The updated guidelines set out stakeholder responsibilities and cover LOC generation, export proceeds repatriation, extension procedures, advance payment arrangements, retention policies and non-conformity cases.
“They are intended to provide greater clarity, improve consistency, reduce uncertainty, and enhance efficiency across the export value chain,” Mrs Asante-Asiedu said.
She added that compliance and trade facilitation were “mutually reinforcing”, arguing that an effective LOC regime should create a transparent, predictable and efficient environment for legitimate exporters.
The BoG is also strengthening monitoring systems, improving data management, increasing automation and upgrading operational platforms to reduce bottlenecks, improve transparency and help stakeholders meet their obligations more effectively.
