Issuance of Letter of Commitment Through eMDA Platform

  • DATE04 Aug 2017

Monitoring of Export Proceeds

Introduction
As part of measures to monitor the activities of all exporters of Ghana (traditional and non-traditional commodity exporters), and to track export proceeds to ensure that foreign exchange earned from exports are repatriated to Ghana, Bank of Ghana commissioned GCNet to design and develop an IT-based system that guarantees complete automation of the export documentation procedures.


Pre Registration (MINCOM)
All gold Exporters would have to register with Minerals Commission.
The process is as following:
Exporter makes a request to MINCOM for License registration – Administrative.
MINCOM will validate the request and approve or reject- Administrative.
MINCOM updates eMDA portal with exporter details for approved request
Data is stored on the eMDA portal for LOC application.

Pre-Registration (Banks)
All Exporters would have to register with their respective banks through which remittances would be received.

Monitoring
All SWIFT messages must have the LOC reference number quoted on it for easy reconciliation.

LOC Statuses:
Revenue Collected: Within the deadline of 90 days, after the amount has been fully collected by the Commercial bank the system assumes the status “Revenue collected”

Non-Conformity: After the Letter of Commitment has been approved and consignment shipped, the System counts down 60 days for the Commercial Bank to update the receipt of export proceeds. After being updated to this status, the exporter will not be allowed to export any other commodity.

Non-Conformity Extension: To allow the exporter to export consignments after Non-conformity status, the Central Bank may extend the Non-Conformity period. If non-conformity extension is granted, the exporter will be allowed to export consignments until the expiration given by the Central Bank