![\"\"](\"http:\/\/localhost:10003\/wp-content\/uploads\/2023\/12\/exp-1024x684.jpg\")
From left: Mr. Eric Kweku Hammond, Assistant Director of the Banking Department at BoG, Paul Kobina Mensah, 1st Vice President of GIFF, Mr. Charles Darling Asiedu Sey, Tema Branch Manager of GSA<\/strong><\/em><\/p>\nMr. Eric Kweku Hammond, Assistant Director of the Banking Department at the Bank of Ghana, cautioned exporters that failure to repatriate may lead to legal and financial implications including a fine of 5,000 penalty units, equivalent to GHS 60,000, or imprisonment for a term not exceeding ten years, or both. He addressed exporters at a forum organised by the Ghana Shippers\u2019 Authority (GSA) and Bank of Ghana (BoG) on 28th<\/sup> November 2023 in Koforidua. Mr. Hammond highlighted \u00a0\u00a0the significant contributions export repatriations\u00a0\u00a0 have on the economy such as building reserves, strengthening the local currency, boosting trading activities, and facilitating Ghana’s transformation agenda.<\/p>\n He also described the LOC as a permanent requirement, and if properly adhered to, may subside the various challenges recorded by exporters. He assured exporters of BoG\u2019s commitment to collaborate with all relevant stakeholders in resolving challenges encountered with the system.<\/p>\n Speaking at the same forum, Mr. Charles Darling Asiedu Sey, the Tema Branch Manager of Ghana Shippers Authority, highlighted the significance of exports for national development and the lifeblood contributing to the Gross Domestic Product (GDP), job creation, and government revenue.<\/p>\n He added, the National Export Development Strategy (NEDS), which envisions the growth of non-traditional exports (NTEs) from $2.8 billion in 2020 to a substantial $25.3 billion in 2029 will be achieved following a competitive export-led industrialized economy.<\/p>\n Mr. Sey stressed that the GSA is collaborating with service providers to enhance the quality of shipping services in Ghana by reviewing export-related policies, simplifying procedures, reducing bureaucracy, and creating a more conducive environment for businesses to thrive. He called for a continuous evaluation of the export value chain to identify bottlenecks, enhance Ghana’s exportable capacity, and facilitate trade with other countries, with a specific focus on addressing non-tariff barriers.<\/p>\n The 1st Vice President of the Ghana Institute of Freight Forwarders (GIFF), Mr. Paul Kobina Mensah also provided insight into the basics of exports. He focused on areas such as insurance, negotiating favorable trade conditions (INCOTERMS), sales contracts, freight negotiation, high freight charges, and ways to reduce shipping charges.<\/p>\n Participants at the forum raised various concerns, including rising freight charges, challenges with the LOC system, the application of exchange rates above the BoG published rates, bureaucratic hurdles, and the lack of financial and technical support from the government and regulators.<\/p>\n","protected":false},"excerpt":{"rendered":" The Bank of Ghana (BoG) has advised exporters to repatriate proceeds in a bid to maintain stability in Ghana\u2019s foreign exchange market. According to the Foreign Exchange Act, 2006, Act<\/p>\n","protected":false},"author":1,"featured_media":37602,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[24],"tags":[253,837,905,980,1083,1220,1382,1397,1554,1672],"class_list":["post-37601","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bank-of-ghana-bog","tag-ghana-institute-of-freight-forwarders-giff","tag-ghana-shippers-authority-gsa","tag-gross-domestic-product-gdp","tag-incoterms","tag-letter-of-commitment-loc","tag-mr-charles-darling-asiedu-sey","tag-mr-eric-kweku-hammond","tag-mr-paul-kobina-mensah","tag-national-export-development-strategy-neds"],"yoast_head":"\n![\"\"](\"http:\/\/localhost:10003\/wp-content\/uploads\/2023\/12\/exp2-1024x684.jpg\")
Paul Kobina Mensah, 1st Vice President of GIFF addressing the forum<\/strong><\/em><\/p>\n![\"\"](\"http:\/\/localhost:10003\/wp-content\/uploads\/2023\/12\/exp3-1024x684.jpg\")
A section of shippers<\/em><\/strong><\/p>\n