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Company News of Thursday, June 13, 2019
Source: www.ghanaweb.com
2019-06-13
Exporters were encouraged to repatriate products from merchandise exports
Exporters have been encouraged to repatriate the proceeds of merchandise exports in accordance with section 15 of the Foreign Exchange Act of 2006 (Law 723), which deals with export activities and repatriation.
With the exception of exporters with retention agreements with relevant government agencies or departments, repatriation will be 100% of the export value of all merchandise exports.
The head of the Bank of Ghana's overseas banking operations, Mr. Eric Kweku Hammond, gave his opinion at a regional sensitization seminar held in Aflao on June 11, 2019 by the government. Ghanaian shippers (GSA) for members of the Volta regional shippers committee and other stakeholders in the transport and logistics sector in the Volta region.
He warned that exporters who did not repatriate through an external bank were in violation of Law 723 and were liable on summary conviction to a maximum fine of five. thousand units or imprisonment for up to ten years, or one of these penalties. .
Mr. Hammond also advised exporters to generate a letter of commitment (LOC), a web-based export document accessible from the GCNet eMDA portal to accompany all Ghanaian exports.
Seminar participants, which numbered more than 120 people, also received training from GLICO and GSA contacts on the types and benefits of freight insurance policies, as well as on the causes and benefits of freight insurance. damage prevention, respectively.
In a welcome address, Ms. Monica Josiah, GSA Director for the GSA Branch in Tema, said that over the last four decades her organization has demonstrated its commitment to strengthening and building the capacity of importers, exporters and relevant stakeholders through seminars, workshops and periodic and periodic meetings. dissemination of information.
She explained that GSA, in its willingness to contact importers and exporters from all over Ghana, has set up shipper committees in each region to create platforms for shippers and stakeholders concerned in order to discuss the problems of the industry and to initiate solutions to the challenges they face in their shipping transactions.
Representatives from the Ghana Revenue Authority – Customs Division, Ghana Immigration Service, Narcotics Control Board, Customs Brokers Association of Ghana, importers, exporters and other shipping service providers took part in the one – day seminar.
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