The Bank of Ghana (BoG) has announced amendments to its guidelines on the importation and exportation of foreign currency as part of efforts to strengthen Anti-Money Laundering measures.
In a notice issued on Wednesday, the Central Bank reminded travellers that they cannot carry more than US$10,000 (or its equivalent in other foreign currencies and monetary instruments) without declaration.
It explained that travellers carrying amounts above US$10,000 are required to declare the funds in full using the official Foreign Currency Declaration Form (FX-5) from the Customs Division of the Ghana Revenue Authority (GRA), stating the source and purpose of the funds.
Inbound travellers
The BoG stressed that inbound travellers with more than US$10,000 must also present proof of declaration of such funds from their port of origin or departure.
Outbound travellers
For outbound travellers carrying more than US$50,000, the directive requires declaration on Form FX-5 in addition to presenting the following: endorsed bank slips evidencing withdrawal or purchase of the foreign currency, as well as endorsed foreign exchange bureau receipts.
Importers
In the case of importers, the guidelines require them to provide endorsed bank slips and foreign exchange bureau receipts to evidence the source of the foreign currency used for their transactions.
Sanctions
The BoG warned that anyone or institution that fails to comply with the new measures risks sanctions. These include seizure of undeclared amounts or monetary instruments, fines, or possible criminal prosecution.
The Bank concluded that the enforcement is to ensure transparency, curb illicit financial flows, and safeguard the country’s financial integrity.
Source: Joy Business
