The Bank of Ghana (BoG) has intensified efforts to strengthen the country’s export proceeds management system through its Nationwide Letter of Commitment (LOC) Sensitisation Programme, aimed at promoting compliance, facilitating trade and safeguarding foreign exchange resources.
The programme brought together key stakeholders to deepen understanding of the Letter of Commitment framework and enhance collaboration among institutions involved in Ghana’s export sector.
Addressing participants in Accra on Wednesday, the Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, emphasized the need for a balanced and efficient LOC regime that supports legitimate business activities while ensuring regulatory compliance.
“An effective LOC regime should not hinder legitimate trade; rather, it should create a transparent, predictable, and efficient environment that supports exporters,” she stated.
According to the Bank of Ghana, the sensitisation programme seeks to improve operational efficiency among stakeholders and strengthen adherence to export proceeds regulations, which are critical to the country’s foreign exchange management efforts.
Mrs. Asante-Asiedu noted that effective stakeholder engagement remains essential to ensuring that export earnings are properly monitored and repatriated in accordance with existing regulations, while maintaining a conducive environment for businesses engaged in international trade.
The initiative also forms part of broader efforts by the central bank to reinforce transparency and accountability within the export sector, enhance regulatory compliance and support sustainable economic growth.
Participants at the programme were taken through the operational requirements of the LOC system and engaged in discussions on ways to address implementation challenges and improve coordination among key actors in the export value chain.
The Bank of Ghana expressed optimism that strengthened collaboration between regulators, financial institutions and exporters would contribute to a more robust export proceeds management framework and help preserve the country’s foreign exchange resources.
The nationwide sensitisation programme is expected to further enhance awareness of the LOC regime and support efforts to create a more predictable and efficient environment for Ghana’s export sector.