The Bank of Ghana (BoG) has issued new directives outlining the documentation requirements for cross-border trade, aimed at strengthening compliance while facilitating legitimate trade activities.
In a notice, the Central Bank said the measures are intended to guide freight forwarders, customs house agents and cross-border traders on the proper application of the Letter of Commitment (LOC) process for exports.
The BoG defined the Letter of Commitment as an export document generated through the Integrated Customs Management System (ICUMS) for the formal export of merchandise goods from Ghana.
According to the notice, the generation of an LOC is mandatory only for exporters who meet specific conditions. These include receiving export proceeds in foreign exchange, being resident in Ghana, being duly registered and licensed by relevant government agencies, and possessing a valid Tax Identification Number (TIN) to access ICUMS.
The Central Bank stressed that entities that do not satisfy all the stated requirements do not qualify for the generation of a Letter of Commitment.
However, the BoG indicated that there are exemptions to the directive. It explained that traders engaged in informal cross-border transactions with buyers from neighbouring countries, who are not registered on ICUMS and do not use invoicing, are excluded from the LOC requirement.
The notice clarified that the Letter of Commitment should not be included among the required documentation for such transactions or for traders operating within that category.
On the conduct of freight forwarders, the Bank of Ghana cautioned that freight forwarders providing logistical services to cross-border traders must not use their own TINs to generate Letters of Commitment on behalf of traders who do not qualify under the guidelines.
It reiterated that LOC generation is strictly reserved for exporters who meet the prescribed criteria.
The Central Bank also directed officers of the Customs Division of the Ghana Revenue Authority not to compel cross-border buyers from neighbouring countries to generate Letters of Commitment.
It said compliance checks should focus on ensuring proper documentation for formal exports, while supporting legitimate cross-border trade without unnecessary constraints.
The BoG further advised freight forwarders and customs agents to review their internal processes to ensure full adherence to the new guidelines.
