The Bank of Ghana has announced new amendments to its guidelines on the importation and exportation of foreign currency as part of measures to strengthen the country’s fight against money laundering and illicit financial flows.
The notice, issued under the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, 2020 (Act 1044), and the Customs Act, 2015 (Act 891) as amended, will take effect from September 1, 2025, and applies to all travellers entering or leaving Ghana by air, sea, land, as well as importers.
Under the new rules, travellers are permitted to carry up to US$10,000 or its equivalent in other foreign currencies and monetary instruments without declaration. However, amounts above this threshold must be declared in full using the official Foreign Currency Declaration Form (FX-5) issued by the Customs Division of the Ghana Revenue Authority (GRA).
Inbound travellers carrying sums above US$10,000 must additionally present proof of declaration from their port of departure. For outbound travellers, any amount exceeding US$50,000 must be declared on Form FX-5 and supported with endorsed foreign exchange bureau receipts or bank slips showing the purchase or withdrawal of the funds.
Importers are also required to provide full documentation, including endorsed forex receipts, bank slips, a valid Import Declaration Form (IDF), commercial invoices, and contracts where applicable.
The central bank has warned that failure to declare funds, false declarations, or lack of supporting documentation will attract immediate seizure of funds, fines, or criminal prosecution.
The guidelines further prohibit the transportation of foreign currency through mail or cargo, stressing that such funds will be confiscated by the State.
Monetary instruments covered under the directive include coins, banknotes, travellers’ cheques, personal and cashier’s cheques, bearer shares and bonds, money orders, and precious metals or stones.
The Bank of Ghana emphasised that the move forms part of ongoing efforts to tighten regulatory controls, curb money laundering, and protect the integrity of the financial system.
By: Daniel Orlando/newsalertgh.com
