BoG Enforces New Forex Rules: Importers, Exporters Urged to Use Credit Cards for Overseas Transactions
The Importers and Exporters Association of Ghana has urged its members to adopt credit or Visa cards for international transactions following a new directive from the Bank of Ghana (BoG). This advisory aims to reduce the risks associated with carrying large sums of cash and ensure compliance with the central bank’s revised foreign currency regulations.
According to BoG’s updated guidelines, inbound travelers are restricted to holding a maximum of $10,000 in foreign currency, while outbound travelers have a ceiling of $50,000. These measures form part of a broader anti-money laundering strategy designed to regulate the flow of forex and promote financial transparency across Ghana’s borders.
Executive Secretary of the Association, Samson Asaki Awingobit, described the policy as a positive step aligned with international best practices. Speaking to Citi Business News, he emphasized the need for traders to embrace electronic payment systems. “You can load more than $10,000 onto your credit or Visa card. For larger purchases, we recommend proper bank-to-bank transactions. That’s why we are encouraging the business community to sign up for credit cards,” he noted.
The Bank of Ghana has also reiterated its requirements for travelers carrying large sums of cash. Those traveling with more than $10,000 must declare the amount using the official FX-5 form provided by the Customs Division of the Ghana Revenue Authority (GRA), along with proof of the source and purpose of the funds. Inbound travelers must show evidence of declaration from their port of origin, while outbound travelers exceeding $50,000 must provide forex bureau receipts and bank slips.
These measures are expected to improve compliance, curb illicit financial flows, and enhance trade security. Industry stakeholders have welcomed the initiative, noting that digitization and transparency in forex transactions will strengthen Ghana’s financial system and protect businesses engaged in international trade.
Source: Citi newsroom