Ghana’s earnings on Non-Traditional Export (NTE) increased from US$ 2.846 billion in 2020 to US$ 3.330 billion in 2021.
This represents a 17% increment in revenue accrued from non-traditional export commodities in the country.
The Kumasi Branch Manager of the Ghana Shippers Authority, Mr Isaac Tersiah Ackwerh disclosed this at a sensitization workshop on the Bank of Ghana’s (BOG) Letter of Commitment (LOC) requirements for the repatriation of export proceeds.
The workshop, which took place in Sunyani, sensitized exporters in the Bono, Bono East and Ahafo Regions.
He noted that the achievement indicated the importance of repatriation of export proceeds to the country, hence, the need to comply with Section 15 of the Foreign Exchange Act, 2006 (Act 723).
The Chief Executive Officer of the GSA, Ms Benonita Bismarck mentioned the challenges with the implementation of the LoC which includes inadequate time allocated for the repatriation of export proceeds and blocking subsequent export transactions for non-repatriation of proceeds beyond 60 days.
The others are delays in accessing repatriated proceeds from commercial banks, low exchange rates offered by the banks, high commissions charged by commercial banks, and the unsuitability of the current form of the LoC for small-scale cross-border trade.
Ms Bismarck noted that most of the problems faced by exporters stemmed from non-compliance and inadequate knowledge of the procedures involved.
Richard Aniagyei, ISD
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