Participants in a group picture after the workshop
EXORTERSÂ OFÂ non-traditional commodities from Ahafo, Bono and Bono East Regions have undergone training in complying with Letters of Commitment (LOC) to enable them receive their export proceeds without delay.
The sensitization workshop carried out by the Bank of Ghana (BoG) in collaboration with the Ghana Shippers’ Authority become necessary due to the problems exporters face to recoup their export earnings since the policy of LOC was introduced by the government in 2016 through the Bank of Ghana and the commercial banks.
Addressing the participants in Sunyani the manager in charge of Asante, Ahafo, Bono and Bono East Regions of the authority, Isaac Tersiah Ackwerg, said there has been 17 percent increase in Non-Traditional Export earnings over the period between 2017 and 2021 growing at an annual average rate of 7.07 per cent.
This contributed 22.62 per cent to the total national merchandise export of the country in 2021, he revealed.
According to Mr. Ackwerg, the country’s total export from non -traditional export for 2021 stood at $ 3,330b US praising exporters from the middle belt of the country where he said most of horticulture, fish, prepared foods, beverages, handicrafts and other manufactured items come from to constitute Non-Traditional exports.
He explained that section 15 of Foreign Exchange Act, 2006, Act 723, it is compulsory for all exporters to repatriate their export proceeds through an external bank thus the LOC.
These consignments are appropriate for reporting of inflows of foreign exchange for fiscal planning for by the government.
He said since the policy, Letters of Commitment was introduced, exporters have complained of challenges hence the workshop.
Chief Executive Officer of Shippers Authority, Benonita Bismarck explained that the authority kept on receiving several complaints from exporters and some customs house agents on the implementation of the LOC having on their businesses.
She further explained that proper implementation of the LOC will go a long way to address the country’s balance of trade and foreign exchange shortfalls.
‘It has become obvious that most of the problems exporters face with the LOC implementation emanate from non- compliance and inadequate knowledge of the procedures involved.
There is therefore the need to strike a balance between ensuring compliance with LOC requirement to be able to reap the benefits she told them.,” she said.
FROM Daniel Y. Dayee, SunyaniÂ