The Bank of Ghana (BoG) has warned of severe consequences for persons who flout its rules concerning the importation and exportation of foreign currencies.
In an announcement to the public, the central bank stated that it has powers under the Foreign Exchange Act, 2006 (ACT 723) to make rules governing the importation of foreign exchange and given the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended.
The statement warned that;
- Any person arriving in or departing from Ghana is permitted to carry up to $10,000.00 or its equivalent in any other monetary instruments without declaration. However, where the amount is in excess of $10,000.00, the whole amount shall be declared using the Currency Declaration Form (CDF) indicating the source and purpose for carrying such an amount. If you have someone else carrying the currency or monetary instrument for you, you must also declare at the point of entry or exit.
- Failure to declare or a false declaration shall lead to the seizure and/ or forfeiture of all the currency or monetary instruments, and may be subjected to penalties and/ or criminal prosecution.
The notice went on to clarify that monetary instruments include coins, currency, traveller’s cheques and bearer instruments such as personal or cashier cheques, bearer shares and bonds.
According to the Bank of Ghana, transportation of currency through mails or cargo is strictly prohibited, and that such amounts shall be confiscated to the State upon seizure.