Ghana's export sector remains a vital pillar of the national economy - 2nd Dep BoG Governor

The Second Deputy Governor of the Bank of Ghana (BoG), Matilda Asante-Asiedu, has said that Ghana's export sector remains a vital pillar of the national economy.

In 2025, she said, exports of goods and services accounted for more than 35 per cent of Gross Domestic Product, underscoring the critical role that international trade plays in driving economic growth, creating employment opportunities, and generating much-needed foreign exchange.

She further stated that in 2025, Ghana recorded export earnings of approximately US$31.2 billion, resulting in a trade surplus of about US$13.8 billion. Gold, crude oil, and cocoa accounted for more than 80 percent of total export earnings, highlighting the strategic importance of safeguarding foreign exchange inflows from our key export sectors.

She said recent external sector developments have further demonstrated the value of effective export management.

Export earnings reached approximately US$18.3 billion by June 2026, contributing to a trade surplus of about US$8.8 billion and supporting Ghana's international reserve position.

These outcomes remind us that export proceeds are not merely transaction records. They are a strategic national asset that helps stabilise our currency, finance imports, support businesses, and strengthen the economy, she said.

"The success of our export sector therefore has implications far beyond individual businesses. It affects exchange rate stability, investor confidence, government revenues, and the overall resilience of the Ghanaian economy. This is why strengthening export monitoring and ensuring the timely repatriation of export proceeds remain matters of national importance," Mrs Asante-Asiedu said in her keynote address during the Nationwide Letter of Commitment (LOC) Sensitisation Programme, in Accra on Thursday, October 15.

She added that "Today is not merely about discussing regulations or operational procedures. It is about building a more efficient export environment, supporting businesses that drive growth, and ensuring that Ghana derives the full benefits of its international trade activities."

Every exporter, banker, customs official, freight forwarder, and regulator gathered here has a stake in this shared objective, she added.

"As you are aware, the Letter of Commitment (LOC) regime was introduced to facilitate the monitoring of merchandise exports and ensure the repatriation of export proceeds through the formal banking system."

Mrs Asante-Asiedu also stated that beyond its regulatory function, the regime serves a broader national objective of protecting Ghana's foreign exchange resources, strengthening macroeconomic stability, and reinforcing confidence in Ghana's financial system.

Every delayed, unrepatriated, or unaccounted-for export receipt represents resources that could otherwise support economic stability, facilitate trade financing, strengthen foreign exchange liquidity, and contribute to national development, she said.

However, she added, a framework is only as effective as its implementation. Over the years, exporters, banks, and other stakeholders have provided valuable feedback regarding challenges encountered in complying with LOC requirements.

"We listened carefully. Your experiences, concerns, and recommendations have informed the revised Operational Guidelines that we are introducing through this sensitisation programme. These revised guidelines are intended to provide greater clarity, improve consistency, reduce uncertainty, and enhance efficiency across the export value chain.

"They clearly define the roles and responsibilities of all stakeholders and establish a common understanding of the processes that must be followed. Our objective is straightforward: to make compliance easier, improve transparency, and reduce operational bottlenecks that affect legitimate business activities. Let me assure you that the Bank of Ghana does not view compliance and trade facilitation as competing objectives," she said.

On the contrary, she added, "we believe they are mutually reinforcing. An effective LOC regime should not hinder legitimate trade; rather, it should create a transparent, predictable, and efficient environment that supports exporters, while strengthening confidence in Ghana's foreign exchange management framework. Throughout this programme, participants will have the opportunity to gain a deeper understanding of key aspects of the revised guidelines, including LOC generation, export proceeds repatriation, extension procedures, advance payment arrangements, retention policies, and the management of non-conformity cases. More importantly, this programme provides a platform for open dialogue, practical learning, and constructive engagement."

Madam Asante-Asiedu further said that the Bank of Ghana remains committed to improving the systems and processes that support the LOC framework.

"We are strengthening monitoring mechanisms, enhancing data management capabilities, increasing automation, and upgrading operational platforms to improve efficiency and user experience.

"These initiatives are aimed at reducing bottlenecks, increasing transparency, and enabling stakeholders to meet their obligations more effectively," she said.