Carrying Over $10,000? Bank of Ghana Announces New Foreign Currency Rules Effective September 1
The Bank of Ghana has announced new amendments to its guidelines on the importation and exportation of foreign currency as part of measures to combat money laundering and strengthen financial compliance.
According to a public notice signed by Ms. Aimee V. Quashie on behalf of the Secretary, the new directive will take effect from September 1, 2025, and will apply to all travellers entering or leaving Ghana by air, sea, or land, as well as importers handling foreign currency transactions.
New Currency Declaration Threshold
Under the revised rules, travellers are permitted to carry up to US$10,000 (or its equivalent in foreign currency and monetary instruments) without declaration.
However, individuals carrying amounts above this threshold must declare the funds in full using the official Foreign Currency Declaration Form (FX-5) provided by the Customs Division of the Ghana Revenue Authority (GRA).
Inbound travellers are also required to present proof of declaration from their port of origin when carrying amounts above the US$10,000 limit.
Rules for Outbound Travellers and Importers
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Outbound travellers carrying more than US$50,000 must declare their funds and provide supporting documentation, including:
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Endorsed forex bureau receipts
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Bank slips evidencing withdrawal or purchase of the foreign currency
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Importers must provide additional documents such as:
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Valid Import Declaration Form (IDF)
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Commercial invoices
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Contracts (where applicable)
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Penalties for Non-Compliance
The Bank of Ghana warned that failure to declare funds, making false declarations, or not providing required documentation will attract severe penalties. These include:
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Immediate seizure of undeclared funds
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Heavy fines
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Possible criminal prosecution
Items Covered Under the Guidelines
The regulations cover coins, banknotes, travellers’ cheques, personal and cashier’s cheques, bearer shares, bonds, money orders, gold, silver, precious stones, and prepaid wallets.
Additionally, the central bank has banned the transportation of foreign currency through mail or cargo, stressing that such funds would be confiscated by the state.
Strengthening Compliance
The new rules are part of efforts to enforce the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, 2020 (Act 1044), and the Customs Act, 2015 (Act 891) as amended.
The directive underscores the Bank of Ghana’s commitment to tightening financial monitoring, curbing illegal money flows, and promoting compliance with international financial standards.
SDource: My News Ghana
