The inability of commercial banks to reconcile forex proceeds with volumes of exports within a given period of time has affected revenue mobilization.
Deputy General Manager at GCNET, Ebenezer Engman said: “Once the shipment is cleared at the port, the system requires 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.”
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 GEneral Manager was confident that 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.
Developers of the system mentioned that the new portal provides additional and detailed information.