BoG exempts informal cross-border traders from LOC requirement
The Bank of Ghana has exempted informal cross-border traders from the requirement to obtain a Letter of Commitment (LOC).
In a public notice, the Bank outlined guidelines on the use of the LOC for exports, stating that traders engaged in informal cross-border transactions are not required to secure the document.
The guidelines indicated that the LOC, generated through the Integrated Customs Management System (ICUMS), is mandatory only for formal exporters who receive foreign exchange proceeds, are resident in Ghana, are licensed by relevant government agencies, and hold a valid Tax Identification Number.
It explained that traders conducting business with buyers from neighbouring countries such as Côte d’Ivoire, T...