The Ghana Shippers Authority, in collaboration with the Bank of Ghana, has conducted an awareness workshop on the Bank of Ghana Letter of Commitment requirement for the repatriation of export proceeds.
The Letter of Commitment is a prerequisite for approving export shipments to exit Ghana’s Ports and Borders.
Since its implementation in 2016, the requirement has garnered significant attention, primarily due to the sanctions associated with non-compliance stemming from a lack of awareness among exporters.
Monica Josiah, the Tema Branch Manager for the Ghana Shippers Authority, emphasized that the workshop aimed to address exporters’ and customs house agents’ concerns and complaints regarding non-compliance.
“The Chinese will always negotiate hard. Ghana would have to come down a little bit on some of the things we are also asking for. If you look at some of the recent market statements, we were pushing for a 30% to 40% haircut on the commercial side, and I suspect a similar thing on the bilateral creditors.
“We need to conclude the deal before the year ends. The more uncertainties that we have, the more this ends up hurting the economy, especially as we get into next year [2024]. The traditional pressures that we see on the exchange rate will start,” he was quoted by myjoyonline.com.