Ghana: BoG Constitutes an Inter-Sectorial Committee to Streamline LOC

30 August 2022
GhanaToday (Accra)
By Richard Aniagyei

The Bank of Ghana (BOG) has constituted an inter-sectorial committee to streamline the processes of obtaining Letters of Commitment (LOC) to serve the needs of exporters.

The formation of the committee was in response to complaints raised by exporters and cross-border traders on the challenges faced in processing LOCs for their exports.

The Chief Executive of the Ghana Shippers Authority, Ms Benonita Bismarck announced this in a speech read for her at a sensitization workshop for exporters in Cape Coast last Sunday.

She said the LOC is a web-based export document that is generated by exporters from the Integrated Customs Management System (ICUMS) portal to accompany all exports from Ghana.

"The Central Bank since July 2016 incorporated the LOC into the electronic export monitoring platform to track export proceeds," she added.

Members of the committee are drawn from the Ghana Shippers' Authority (GSA), Ghana Revenue Authority Customs Division (GRACD), Ghana Link Network Services Limited (GLNSL), Bank of Ghana (BOG) and the Ghana Association of Banks (GAB).

Read the original article on GhanaToday.

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