The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Agyare, has announced a significant policy adjustment extending the mandatory foreign exchange repatriation period for importers from 60 days to 120 days, providing relief to businesses grappling with challenging economic conditions.
The new directive, which takes immediate effect, doubles the timeframe within which importers must repatriate foreign exchange proceeds, giving businesses more breathing room to manage their international transactions and cash flow requirements.
According to existing regulations under the Foreign Exchange Act 2006, exporters are required “to collect and repatriate in full the proceeds of their exports to their local banks within 60 days of shipment”, but the new policy specifically addresses importers’ obligations.
The extension comes as Ghana continues to navigate foreign exchange challenges that have impacted trade operations.
The government has been working to support industries as Ghana prepares to implement its 24-hour economy, with this policy change representing another step in that direction.
Industry stakeholders have welcomed the move, viewing it as a practical response to the realities of international trade financing.
The extended period allows importers to better align their repatriation obligations with their actual business cycles and payment schedules with foreign suppliers.
Minister Ofosu-Agyare, who is committed to strengthening Ghana’s trade and industrial sectors through strategic policies and private sector partnerships, emphasized that the policy adjustment aims to ease the burden on businesses while maintaining the integrity of Ghana’s foreign exchange management system.
The 120-day extension is expected to particularly benefit small and medium enterprises that often face longer payment cycles with international suppliers.
Many businesses have struggled with the previous 60-day requirement, which sometimes forced them to make payments before receiving goods or completing sales to end customers.
This policy change aligns with the government’s broader efforts to support the private sector and enhance Ghana’s position as a regional trade hub.
The Trade Minister has been actively promoting measures to facilitate trade, including calls for harmonization of standards across ECOWAS to help facilitate the free movement of goods.
The Bank of Ghana is expected to issue detailed guidelines on the implementation of the new repatriation timeline, ensuring that all financial institutions and importers are properly informed of the procedural changes.
This story is developing and will be updated as more information becomes available.
Story Written By Prince Asante Kwarteng | Kobby Kyei News
