The Bank of Ghana has issued new guidelines to regulate the movement of foreign currencies and monetary instruments into and out of the country.

The notice, sighted by GhanaWeb Business on August 27, 2025, was issued under the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, 2020 (Act 1044), and the Customs Act, 2015 (Act 891) as amended by the Customs (Amendment) Act, 2020 (Act 1014). It applies to all travellers entering or leaving Ghana by air, sea, or land, as well as importers.

Bank of Ghana bans inward remittance services into Ghana

The Bank stated that the guidelines “shall take effect on September 01, 2025, and shall remain in force until otherwise amended or revoked by the Bank of Ghana.”

According to the BoG, travellers are permitted to carry up to US$10,000 (or its equivalent in any other foreign currency and monetary instruments) without declaration.

BoG bans dollar pricing for school fees, rent, airline tickets and others

However,

a. Travellers carrying amounts above US$10,000 must declare such funds in full using the official Foreign Currency Declaration Form (FX-5) from the Customs Division of the Ghana Revenue Authority (GRA), indicating the source and purpose of the funds.

b. Inbound travellers carrying amounts above US$10,000 must also present proof of declaration of such funds from their port of origin or departure.

c. Outbound travellers with more than US$50,000 (or its equivalent in any other foreign currency and monetary instruments) must declare the funds on Form FX-5, and in addition, attach the following required documents:

i. Endorsed bank slips evidencing withdrawal or purchase of the foreign currency.

Additionally, importers must provide the endorsed foreign exchange bureau receipt and endorsed bank slips evidencing the withdrawal or purchase of foreign currency in support of their transactions.

An endorsed copy of the following is also needed;

1. Valid Import Declaration Form (IDF)

2. Valid Commercial Invoice

3. Contract (if applicable)

"Failure to declare funds, making of false declaration, or failure to provide relevant required documentation shall result in an immediate seizure of the undeclared amount (or monetary instruments), fines, or criminal prosecution," the BoG's statement concluded.

Detailing what the monetary instruments include, the BoG listed the following:

a. Coins

b. Cash/Currency

c. Travellers Cheques

d. Personal and Cashier Cheques

e. Bearer Shares and Bonds

f. Money Orders

g. Gold/Silver/Precious Stones

h. Prepaid Wallets

Additionally, "foreign currency shall not be transported through mail or cargo. Such funds shall be confiscated by the State".

SSD/MA