The Bank of Ghana (BoG) has rolled out fresh directives on foreign exchange transactions, compelling importers, exporters, and frequent travellers to adjust the way they carry and use foreign currency abroad.
Under the revised guidelines, Ghanaians travelling outside the country are being urged to load funds onto their credit or Visa cards rather than carry large sums of physical cash. The move is part of the central bank’s broader strategy to tighten anti-money laundering measures, enhance financial transparency, and bring Ghana’s practices in line with international standards.
The Importers and Exporters Association of Ghana has welcomed the central bank’s policy shift, urging its members to embrace credit and Visa cards for international trade. According to the Association’s Executive Secretary, Mr. Samson Asaki Awingobit, the directive will not only safeguard businesses against risks associated with carrying bulk cash but also streamline cross-border payments.
“You can load more than $10,000 onto your credit card or Visa card. If you need to purchase goods above that amount, it should be done through a proper bank-to-bank transaction. That’s why we are encouraging the business community to sign up for credit cards and use them for international trade.”
Mr. Samson Asaki Awingobit
New Thresholds for Cash-Carrying Travellers
The BoG’s new directive introduces stricter thresholds on how much foreign currency travellers can legally carry. For inbound travellers, the ceiling has been pegged at $10,000, while outbound travellers are limited to $50,000. Anyone carrying amounts beyond these limits must declare the funds using official channels.
The guidelines further specify that:
- Travellers with over $10,000 must fill out the official FX-5 form from the Customs Division of the Ghana Revenue Authority (GRA), declaring the source and purpose of the funds.
- Inbound travellers carrying more than $10,000 are required to present proof of declaration from their port of origin.
- Outbound travellers with funds exceeding $50,000 must provide supporting documents, including endorsed forex bureau receipts and bank slips showing the withdrawal or purchase of the currency.
The Importers and Exporters Association has described the new policy as consistent with international best practices, noting that many countries already enforce similar restrictions to curb money laundering and illicit financial flows. By pushing businesses and individuals toward more transparent payment methods, the BoG is aiming to reduce the risks associated with untracked currency movements.
“The truth is that carrying large amounts of cash across borders is increasingly frowned upon in global trade. What the central bank is doing is simply bringing Ghana up to speed with the rest of the world.”
Mr. Samson Asaki Awingobit
Implications for the Business Community
While some traders may view the new directive as restrictive, financial experts argue that it could prove beneficial in the long run. Credit card and bank-to-bank transactions provide clearer records, reduce the risk of theft, and facilitate easier dispute resolution in cases of fraud. For Ghanaian importers and exporters, this shift could also strengthen relationships with foreign partners who prefer dealing through regulated financial systems.
Moreover, the increased use of electronic payments is expected to encourage more traders to formalize their businesses and engage directly with the banking sector, thereby improving access to credit and other financial services.
Despite the advantages, some concerns remain regarding the accessibility of credit cards for smaller businesses and traders who are heavily cash-reliant. Many SMEs within the import and export sector operate outside formal banking structures and may find the transition challenging.
Nonetheless, the Association believes education and sensitization will play a critical role in helping businesses adapt to the new order. “We know not all our members are used to this system, but we will be engaging them to ensure they understand the benefits and comply fully,” Mr. Awingobit said.
The Bank of Ghana’s directive signals a significant shift in how foreign exchange transactions will be conducted by importers, exporters, and travellers. By restricting bulk cash movements and encouraging digital and traceable payment methods, the policy aims to strengthen Ghana’s financial system against illicit activities while also modernizing its trade practices.
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