Dr. Johnson Asiama
The Bank of Ghana (BoG) has introduced new restrictions on the movement of foreign currency into and out of the country as part of efforts to strengthen anti-money laundering measures and ensure stability in the foreign exchange market.
In a notice issued to banks and the public yesterday, the central bank said the new directive, which comes to amend the earlier one issued on August 20, 2025, takes effect from September 1, 2025 and will apply to all travellers, importers, and financial institutions.
Under the new directive, travellers entering or leaving Ghana may carry up to US$10,000 (or its equivalent in other currencies) without declaring it.
However, amounts above this threshold must be declared in full using the official Foreign Currency Declaration Form (FX-5) from the Customs Division of the Ghana Revenue Authority.
In addition, inbound travellers carrying more than US$10,000 must provide proof of declaration from their port of origin, while outbound travellers transporting over US$50,000 are required to submit bank slips or receipts from licensed forex bureaus to validate the source of funds.
Importers are also mandated to present supporting documents, including valid Import Declaration Forms, commercial invoices, and relevant contracts, along with evidence of foreign exchange purchases from banks or forex bureaus.
The BoG warned that failure to declare funds, making false declarations, or failing to provide the necessary documentation will attract strict penalties, including immediate seizure of undeclared amounts, fines, or criminal prosecution.
The guidelines also prohibit transporting foreign currency through mail or cargo, with such funds liable to confiscation by the State.
Background
It will be recalled that the central bank recently directed all commercial banks to cease foreign currency cash payments to large corporates, such as bulk oil distributors and mining companies, unless the transactions are backed by prior foreign currency cash deposits lodged by the same institution.
The Bank expressed concern that the growing practice of unbacked foreign currency withdrawals by large corporates was placing undue pressure on the foreign exchange market.
“The Bank of Ghana remains committed to supporting the operations of large corporates, recognizing their critical role in sustaining petroleum supply, mineral exports, and other essential sectors of Ghana’s economy,” the notice stated.
It added that the central bank, in partnership with government, had established mechanisms to provide foreign exchange liquidity for legitimate import obligations, while safeguarding market stability.
The central bank stressed that banks must retain full documentation of the sources of funds for every foreign currency transaction, warning that non-compliance would attract regulatory sanctions.
The directives, signed by Aimee V. Quashie on behalf of the Secretary to the Bank of Ghana, formed part of broader efforts to tighten anti-money laundering controls and promote transparency in the country’s financial system, the notice indicated.
By Ernest Kofi Adu