BoG announces new guidelines on foreign currency importation, exportation

The Bank of Ghana has issued fresh directives on the importation and exportation of foreign currency as part of enhanced measures to combat money laundering and protect the country’s financial system.

In a public notice dated August 27, 2025, the central bank outlined new limits, declaration requirements, and penalties for travellers and importers handling foreign currency and monetary instruments. The new guidelines take effect from September 1, 2025.

Under the revised rules, travellers entering or leaving Ghana by air, sea, or land may carry up to US$10,000—or its equivalent in other currencies—without declaring it to customs. However, amounts exceeding this threshold must be declared in full using the official Foreign Currency Declaration Form (FX-5) issued by the Customs Division of the Ghana Revenue Authority.

Inbound travellers carrying more than US$10,000 must also present proof of declaration at their port of origin, while outbound travellers carrying amounts above US$50,000 are required to attach supporting documents, including endorsed foreign exchange bureau receipts and endorsed bank slips showing the purchase or withdrawal of foreign currency. Importers are further expected to provide a valid Import Declaration Form, a commercial invoice, and where necessary, a contract to support their transactions.

The notice warns that failure to declare funds, making false declarations, or failing to provide the required documentation will attract severe sanctions. These include immediate seizure of the undeclared funds, fines, and possible criminal prosecution.

The guidelines also clarify that foreign currency may not be transported through mail or cargo, stressing that any such funds will be confiscated by the state.

The Bank of Ghana highlighted that the monetary instruments covered under the new measures include coins, banknotes, traveller’s cheques, personal and cashier’s cheques, bearer shares and bonds, money orders, gold, silver, precious stones, and prepaid wallets.

“These guidelines shall remain in force until otherwise amended or revoked by the Bank of Ghana,” the notice, signed by Aimee V. Quashie on behalf of the Secretary, stated.

The latest move by the Bank of Ghana is aimed at strengthening compliance with the Foreign Exchange Act, the Anti-Money Laundering Act, and the Customs Act, while tightening oversight of cross-border currency movements.