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.”
In another development Member of Parliament for Tema West, Carlos Ahenkorah, has encouraged Micro, Small and Medium-sized Enterprises (MSMEs) to familiarize themselves with the Ghana Enterprises Agency and the Ghana Export Promotion as they harbor export ambitions for the future.
He said these institutions have been empowered by the state to help ready local startups and small enterprises for effective trade beyond the shores of Ghana.
“For them to survive beyond an event like this they need to speak to the expert which is the GEA which has a department that support the establishment and enhancement of MSME programs. Beyond that, if anybody wants to also go beyond the shores of Ghana and export, the Ghana Export Promotion Authority is ever ready, ever prepared to show you where to market your goods.
The Ghana Export Promotion Authority will identify somebody outside who patronizes such products for you to be able to export your product and this is a time that I will entreat people who produce their goods here to speak to them and see how they can get it beyond the shores of Ghana and make more money from their production.’ he said.
Carlos Ahenkorah was speaking on the sidelines of the maiden Made-in-Ghana trade fair and exhibition of the Ghana Chamber of Commerce and Industry in Tema where a number of Micro, Small and Medium-sized Enterprises were given the opportunity to showcase their Ghana-made products and services. It was done in collaboration with Media General and the Tema Metropolitan Assembly.
The Chairman of the Tema Branch of the Ghana National Chamber of Commerce and Industry, Michael Kabutey Caesar, on his part said the Chamber is undertaking several initiatives to encourage exports.
