Shippers Authority, Bank of Ghana sensitize exporters on Letter of Commitment requirement

The Ghana Shippers Authority in collaboration with the Bank of Ghana has organized a sensitization workshop on the Bank of Ghana Letter of Commitment requirement for the repatriation of export proceeds.

The Letter of Commitment is required before export shipments are approved to exit Ghana’s Ports and Borders.

Since its introduction in 2016, the Letter of Commitment requirement has generated tremendous interest, mainly due to the sanctions associated with nonconformity as a result of the lack of awareness on the part of exporters.

Speaking at the program, the Tema Branch Manager for the Ghana Shippers Authority, Monica Josiah, explained that the workshop was aimed at addressing the complaints and concerns of exporters and customs house agents with regards to the non-conformity.

She said, “we also want to use the documents that will come out of the sensitization workshop as a working document to help us. All the questions that have come up we are going to look at them and see whether something could be done to make the LOC more friendly or better suited to the transactions of exporters.”

The Deputy Director of Foreign Banking Operations at the Bank of Ghana, Eric Kweku Hammond indicated that the Letter of Commitment requirement is not meant to stifle the business of exporters but to ensure that export proceeds meant for the state are duly accounted for.

The Operations Manager at the Ghana Link Network Services, Lipton Baffour Nsoah averred that ICUMS is committed to facilitating customs procedures for the exporters and took them through what is expected of them.

He indicated that “without the LOC together with the Customs declarations you cannot send your goods abroad whether by road, air or sea.” 

Source:norvanreports