The Bank of Ghana (BoG) has announced an amendment to the guidelines on importation and exportation of foreign currency from the country.
According to a release issued on Wednesday, August 27 the Central Bank said the directive is part of Anti-Money Laundering measures.
The BoG noted that travellers are permitted to carry up to US$10,000.00 (or its equivalent in any other foreign currency and monetary instruments) without declaration.
The Central Bank says the amended guidelines shall apply to all travellers entering or leaving Ghana by air, sea, land and any other entry or exit point, and importers.
According to the BoG, these Guidelines shall take effect on September 01, 2025, and shall remain in force until otherwise amended or revoked by the Bank of Ghana.
However, it requires travellers carrying amounts above US$10,000 to declare such funds in full using the official Foreign Currency Declaration Form (FX-5) from the Customs Division of the Ghana Revenue Authority (GRA), indicating the source and purpose of the funds.
Inbound Travellers
For inbound travellers, the Bank of Ghana maintained that amounts above US$10,000 must also present proof of declaration of such funds from their port of origin or departure
BoG noted that for outbound travellers with more than US$50,000 (or its equivalent in any other foreign currency and monetary instruments) they must declare the funds on Form FX-5, and in addition, attach the following required documents: endorsed bank slips evidencing withdrawal or purchase of the foreign currency and endorsed foreign exchange bureau receipt
Requirements for Importers
However, when it comes to importers, the new guideline requires them to endorse foreign exchange bureau receipts, endorse bank slips evidencing the withdrawal or purchase of foreign currency, endorsed copies of the following: valid Import Declaration Form (IDF), valid Commercial Invoice and Contract (if applicable).
Sanctions
The Bank of Ghana cautioned that failure to provide relevant required documentation shall result in: immediate seizure of the undeclared amount (or monetary instruments), fines or criminal prosecution.
It advised that foreign currency shall not be transported through mail or cargo as such funds shall be confiscated to the State.
