The Bank of Ghana (BoG) has warned exporters that failing to bring their foreign earnings back home within the required time could lead to heavy fines or up to 10 years in jail.Under the new rules, all export money must return to Ghana through approved banks within 120 days after goods are shipped.
Only one extension of 60 days is allowed, and it must be justified and approved by the BoG.The central bank said this is to protect the cedi, keep foreign reserves strong, and stop money from leaking out of the country.A BoG statement said:
“Banks must tell their exporter clients about these rules right away. Any delay or breach must be reported to us immediately.”
The old rule from 2016 has been canceled. The new one started on October 30, 2025.Exporters who break the law can be charged under the Foreign Exchange Act, 2006 (Act 723). Penalties include:
- Fines up to 5,000 penalty units, or
- Jail time up to 10 years
Banks are now required to closely watch export accounts and report problems without delay.The BoG says this is part of bigger changes to control the foreign exchange market, track exports better, and make sure all earnings enter the banking system.This move aims to stop the loss of foreign currency, ease pressure on the cedi, and support Ghana’s economy.
