BoG sets new forex limits for travellers and traders
The Bank of Ghana (BoG) has introduced new amendments to its guidelines on the import and export of foreign currency as part of efforts to strengthen anti-money laundering measures and protect the financial system.
The updated rules, issued on Wednesday, August 27, 2025, are based on the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, 2020 (Act 1044), and the Customs Act, 2015 (Act 891), and set out clear requirements for travellers, importers, and exporters carrying foreign currency.
Under the new guidelines, travellers entering or leaving Ghana may carry up to $10,000 (or its equivalent in other foreign currencies and monetary instruments) without declaring it.
However, anyone carrying more than that must declare the full amount using the official FX-5 form provided by the Customs Division of the Ghana Revenue Authority (GRA), and indicate both the source and purpose of the funds.
Inbound travellers with more than $10,000 must also present proof of declaration from the country they are coming from.
Outbound travellers carrying over $50,000 must provide additional documentation, such as bank slips or endorsed receipts from licensed forex bureaus, showing how the funds were obtained.
Importers are required to submit valid trade documentation including an Import Declaration Form, commercial invoices, contracts where applicable and proof of foreign exchange purchase through official channels.
The BoG warned that failure to declare funds, making false declarations, or not providing supporting documents will lead to confiscation of funds, fines, or possible criminal prosecution.
Foreign currency sent through mail or cargo is also prohibited and will be seized.
The guidelines define “monetary instruments” to include not just cash, but also cheques, bonds, money orders, precious metals, and prepaid electronic wallets.
The new rules take effect from September 1, 2025.
The BoG stressed that these measures are part of Ghana’s commitment to meeting international anti-money laundering standards and ensuring the integrity of the financial system.