(1) Each payment in foreign currency, to or from Ghana between a resident and a non-resident, or between non-residents, shall be made through a ban1e

(2) Without limiting subsection (1), payments for merchandise exports from Ghana shall be made through the bank of the non-resident to the exporter's bank in Ghana.

(3) Each transfer of foreign exchange to or from Ghana shall be made through a person licensed to carry out the business of money transfers or any other authorized dealer.

(4) An exporter who fails to repatriate proceeds from merchandise exports, through an external bank, commits an offence and is liable on summary conviction to a fine of not more, than five thousand penalty units or to a term of imprisonment of not more than ten years or to both.