The Bank of Ghana has announced an amendment to the guidelines on importation and exportation of foreign currency from the country.

According to the Central Bank, the directive is part of Anti-Money Laundering measures.

In a notice released today, it reminded travellers it cannot carry US$10,000.00 (or its equivalent in any other foreign currency and monetary instruments) without declaration.

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

However, 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, among others.

Sanctions

The Bank of Ghana pointed out that it will not hesitate to sanction anyone or institution that fails to comply with these new amendments, by failing to declare funds or making false declarations or failure to provide relevant documentation.

It concluded that it will seize the undeclared amount or monetary instruments, or issue fines or possible criminal prosecution.