Importers, Exporters Association Proposes Credit Card Use as BoG Caps Foreign Currency for Travelers

The Importers and Exporters Association of Ghana is calling on businesses to adapt swiftly to the Bank of Ghana’s (BoG) new foreign currency guidelines, which cap undeclared cash at US$10,000 for travelers entering or leaving the country.

Executive Secretary, Sampson Asaki Awingobit, advised importers to move away from carrying large sums of cash and instead embrace electronic transactions for international trade.

“You can load more than US$10,000 onto your credit 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,” Awingobit told journalists.

The Central Bank, in a notice issued on August 27, 2025, said the directive takes effect on September 1, 2025, and applies to travelers by air, sea, or land. The new regime is grounded in the Foreign Exchange Act, 2006 (Act 723), Anti-Money Laundering Act, 2020 (Act 1044), and the Customs Act, 2015 (Act 891) as amended.

The guidelines require travelers to declare amounts above the US$10,000 threshold, with penalties including seizures and possible prosecution for non-compliance.

The Importers Association noted that while the directive may disrupt old practices, it also presents an opportunity to modernise Ghana’s trade ecosystem. “International business is moving digital, and Ghana cannot be left behind,” Awingobit stressed.

The Bank of Ghana says the measure is part of efforts to tighten oversight of foreign exchange flows, curb money laundering, and safeguard financial stability, aligning Ghana with international best practices.