Exporters are asking government to introduce measures to cushion them against potential losses from currency fluctuations as the Bank of Ghana (BoG) begins enforcing its new directive on the repatriation of export proceeds.

The Importers and Exporters Association of Ghana says while it supports the Central Bank’s push to instil discipline in the foreign exchange market, exporters could face financial risks if exchange rate movements erode the value of their earnings before repatriation.

Under the new framework, exporters are required to return all export earnings through their nominated banks within 120 days of shipment, with only one 60-day extension allowed upon justification.

Exporters who fail to comply risk sanctions, including fines of up to 5,000 penalty units or imprisonment of up to ten years, as part of the BoG’s broader push to tighten oversight in the forex market and safeguard Ghana’s reserves.

In an interview with the media, the Executive Secretary of the Importers and Exporters Association, Samson Asaki Awingobit, said while the Association supports the central bank’s efforts to ensure discipline, it is equally important to stabilise the local currency and support exporters whose projected earnings are affected by exchange rate movements.

“I also want to believe that the Bank of Ghana is working tirelessly to make sure that they have a rate that will be prevailing to both exporters and importers,” he said.

He added that :“What it means is that it will serve the interest of exporters and also serve the interest of importers. Mind you, exporters want to break even; importers want to break even.”

He further suggested that government, through the Ghana Export Promotion Authority (GEPA), should consider cushioning exporters who incur losses due to shifts in the cedi’s performance.

“I strongly believe that exporters should be given some incentives because they are losing from the rate they were projecting to make from Ghana because of the stability of the cedi,” he added.

Samson Asaki Awingobit emphasised that such support would ensure fairness as both exporters and importers adjust to the BoG’s tightened forex compliance regime.

Sompaonline