120 Days or Else! BoG Warns Exporters of 5,000 Penalty Units & Jail Time
Exporters who fail to repatriate export revenues within the legally mandated time risk penalties of up to 5,000 penalty units or up to 10 years in jail, the Bank of Ghana (BoG) has warned. Exporters have 120 days from the date of shipping to repatriate all profits via their designated banks; the BoG must approve a single 60-day extension. Section 4 of Notice BG/GOV/SEC/2016/03 was repealed by the central bank, which instructed all authorized dealer banks to ensure stringent compliance, monitor accounts, and report violations. By sending a strong message that non-compliance would not be accepted, the action seeks to maintain monetary stability, increase export discipline, defend the cedi, preserve foreign exchange reserves, and reduce unexplained export revenues.
