Bank of Ghana issues new forex guidelines for importers

The Bank of Ghana (BoG) has issued a new directive mandating strict documentation requirements for importers dealing in foreign currency, as part of enhanced Anti-Money Laundering (AML) measures.

The Notice, signed for the Secretary by Ms. Aimee V. Quashie, amends the guidelines on the importation and exportation of foreign currency.

A key highlight of the amendment specifically targets importers, who must now provide a comprehensive set of endorsed documents to support any foreign currency transactions related to their business.

According to the Notice, importers are required to present, “ An endorsed foreign exchange bureau receipt; endorsed bank slips as evidence of the withdrawal or purchase of the foreign currency; and endorsed copies of a valid Import Declaration Form (IDF), a valid Commercial Invoice, and a contract, where applicable.”

This move is designed to bolster transparency, ensure the legitimacy of cross-border financial movements.

The move also aims to curb illicit financial flows by creating a verifiable paper trail for all significant foreign currency transactions undertaken by importers.

The Notice reiterated that failure to declare funds, making a false declaration, or failing to provide the required documentation would result in the immediate seizure of the undeclared funds, imposition of fines, or criminal prosecution.

The amended guidelines, issued under the Foreign Exchange Act (2006), the Anti-Money Laundering Act (2020), and the Customs Act (2015), take full effect on September 1, 2025.

Source: GNA

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