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    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

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    BoG must be innovative in dealing with rise in PPI – AGI

    Government partners private companies to mine abandoned iron ore in Oti Region

    Cedi depreciation pushes Ghana’s debt to over GH¢390 bn in April; 78% of GDP

    Manufacture of petroleum products push PPI to 31.2% in April

    Togbe Afede XIV urges BoG to introduce measures to deal with rising inflation

    SEC and West Africa Securities Regulators Association to hold 2nd edition of WACMaC

    GEA/Mastercard Foundation Young Africa Works supports 3,000 Beneficiaries with Start-up Kits

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    Government partners private companies to mine abandoned iron ore in Oti Region

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

    6th CEO’s Summit pushes for ease of doing business law to boost economic growth

    Policy rate likely to be increased to tame inflation – Databank CEO

    Banking Consultant bemoans continuous charging of unfair fees by banks

    Chamber of IPPs disappointed over ECG’s tariff increase request

    A comprehensive storage strategy will deal with post – harvest losses & inflation – CSIR

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

    Elon Musk strikes deal to buy Twitter for $44bn

    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

    Taxing of non-resident e-commerce entities in Ghana could push prices up – Technology Consultant

    BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’

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    Greater, more diverse participation in global trade is key to achieving Africa’s economic transformation – World Bank

    Seth Terkper advises against e-levy; urges government to run to IMF

    AfCFTA members conclude negotiations on rules of origin to enhance free trade

    Implement strategies to sustain increased consumer preference for digital payments – Bawumia

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GCNET updates platform for tracking export proceeds

bycitibusinessnews
November 27, 2016
in Government, Local Economy, Top Stories
Share on FacebookShare on TwitterShare on Whatsapp

Exporters, who defy the current procedure of channelling proceeds via the electronic Ministries Department and Agency (e-MDA) platform, will risk being blocked from making any transactions for at least two months.

This is the indication from the Ghana Community Network services limited (GCNET).

According to the online portal service, the inability of commercial banks to reconcile forex proceeds with volumes of exports within a given period of time.

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The development has also affected revenue mobilization.

“Once the shipment is cleared at the port, the system is requiring that the funds come back into the country so after sixty days if no monies have come in, the systems will block the exporter from doing further transactions,” Deputy General Manager at GCNET, Ebenezer Engman stated.

He added, “The challenge we were having in the initial stage was that though the forex monies were coming in, they didn’t have the LOC numbers on the swift and so it made it difficult for the commercial banks for reconciliation.”

The GCNET executive further told Citi Business News, he is confident the newly introduced Letters of Commitment will ensure exporters comply with regulations and increase revenue from export proceeds.

“Now the education has gone forth and they are complying such that the swifts that come in have the LOCs attached so the banks can conduct better reconciliation.”

Meanwhile GCNET has launched a market information portal for the Food and Drugs Authority (FDA).

The portal will serve as a critical reference resource point for users for registration and clearing of products and industry stakeholders to access key data for planning and decision making.

According to the developers of the system, the new portal provides additional and detailed information the current HS code does not describe.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

 

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