BoG cautions public against undeclared import, export of foreign currency

The Bank of Ghana (BoG) has cautioned the public against the undeclared importation and exportation of foreign currency.

In a statement, the BoG said “Failure to declare or a false declaration shall lead to the seizure and/ or forfeiture of all the currency or monetary instruments, and may be subjected to penalties and/ or criminal prosecution.”

Read full statement below:

Under the powers conferred on Bank of Ghana by the Foreign Exchange Act, 2006 (ACT 723) to make rules governing the importation of foreign exchange and given the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended, the Bank of Ghana announces for the information of the General Public that:

1. Any person arriving in or departing from Ghana is permitted to carry up to $10,000.00 or its equivalent in any other monetary instruments without declaration.

However where the amount is in excess of $10,000.00, the whole amount shall be declared using the Currency Declaration Form (CDF) indicating the source and purpose for carrying such an amount. If you have someone else carrying the currency or monetary instrument for you, you must also declare at the point of entry or exit.

b. Failure to declare or a false declaration shall lead to the seizure and/ or forfeiture of all the currency or monetary instruments, and may be subjected to penalties and/ or criminal prosecution.

c. Monetary instruments include coins, currency, traveller’s cheques and bearer instruments such as personal or cashier cheques, bearer shares and bonds.

d. Transportation of currency through mails or cargo is strictly prohibited. Such amounts shall be confiscated to the State.

(SGD)

FRANCES VAN-HEIN SACKEY (MRS)

THE SECRETARY