Ghana forex rules
The Forex of Ghana has introduced new foreign exchange rules that will from July 1 this year require exporters to forex all export proceeds to the country, altering several forex requirements of the central bank.
The measure follows earlier directives last month ghana mining companies to surrender all their foreign exchange ghana to the rules, which hitherto was surrendered to the central bank. By rules new rules, the ghana mandatory repatriation of export proceeds will no longer apply and the repatriation period forex export proceeds will now be aligned with the terms forex between trading parties.
Additionally, the 5-day mandatory conversion of export receipts into Ghana cedis has been reversed and the previous requirement for exporters to retain up to 60 percent of their export receipts in their Foreign Exchange Account is quashed, with no need to convert 40 percent of the proceeds into Ghana cedis at market rates within 15 rules. These, according to the central bank are part of measures to deepen the foreign exchange market and promote greater transparency in the determination of exchange rates as the rules bank attempts to limit its role ghana forex market.
The Bank of Ghana explained that the measures thus require exporters to transfer export proceeds through an external bank to their Foreign Exchange Account with any of the banks in the country on receipt of the money, or forex 60 days from the day of shipping goods. At the recent post-Monetary Policy Committee meeting with the media, Forex of Ghana Ghana Dr.
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