At a stakeholder forum which was organized by the Bank of Ghana (BoG) and the Ghana Community Network Services Limited (GCNet) to meet with Banks and Exporters, BoG’s Deputy Governor – Mr. Millison Narh announced an upcoming development within their services with the export sector. Mr. Narh said at the forum that by July 1st, there will be a new online system which will be used for export documentation and proceeds repatriation. GCNet is the agency responsible for the development of the upcoming web-based platform. The new software is to help curb the challenges with leakages and deficits of foreign exchange. It is also necessary for the BoG to push for such a platform that will give them total control of all exports and accompanying proceeds and repatriates to help build a strong economy for the country.
The main purpose of the stakeholder forum was to discuss how the new web-based system will be integrated and also to let stakeholders (banks and exporters) get an overview of what they will be dealing with in the next coming month.
Formerly, all such export processes were carried out manually. Exporters currently carry their documents around – moving to & fro between banks, and customs. It is very tiring for business men and also very tough for responsible agencies such as the Bank of Ghana to follow all proceeds from exports since some of the exporters are not following right procedures and do not repatriate proceeds at all. The Product Development Manager at GCNet, Mr. Carl Sackey, mentioned that the software will really make things easier for both exporters and banks.
By statement made by Mr. Narh of BoG, the new system was at first intended for the country’s small scale mining sector following a recommendation to facilitate online processing of gold export documentation by a technical team. Now, the system will be utilized for all sectors both traditional and non-traditional exports.
According to Mr. Sackey, the process is such that if exporters’ proceeds are not received then they cannot export until previous export proceeds are in. The bank which is in charge of the export requires the exporter to adhere to all necessary processes and must confirm receipt of proceeds within a defined duration after which they inform the Bank of Ghana whether proceeds have been received or not – then necessary action is taken.
Before the new application is launched, training will be given to stakeholders to familiarize with the new system. The new system allows the banks handling the export to confirm the account details of their clients and also give confirmation upon receipt of proceeds.