The Bank of Ghana has clarified that earnings from digital platforms for Ghanaian content creators will be classified as service export proceeds under the country’s foreign exchange regulations. In a recent statement, the central bank indicated that payments from platforms like X and other digital channels are considered legitimate cross-border inflows and are permissible under current rules.
The Bank explained that creators can receive their earnings through Foreign Exchange Accounts held with banks in Ghana or have the funds deposited into cedi accounts, as long as all regulatory requirements are met. Additionally, the Bank acknowledged concerns from some creators regarding difficulties in accessing their funds, emphasising that such challenges should not typically arise when transactions follow established procedures.
According to the Bank of Ghana (BoG), it is working with financial institutions and other stakeholders to identify the source of current challenges and ensure a swift resolution. The Bank acknowledges the concerns expressed by some creators regarding difficulties in accessing funds. When transactions are processed correctly, these challenges should not typically occur.
The BoG appreciates the feedback received from those affected and is actively reviewing the situation. It is engaging with relevant institutions to pinpoint the source of the issues and ensure a prompt resolution. The Bank also reiterated its commitment to maintaining a stable financial system that supports legitimate cross-border transactions, including earnings from digital platforms classified as service exports.
Source: Daniel Sackitey
