The Bank of Ghana has amended guidelines on the import and export of foreign currency, imposing stricter declaration requirements on travelers and importers in a bid to strengthen anti-money laundering compliance and safeguard financial stability. The new rules take effect September 1, 2025.
Under the revised framework, travelers may carry up to US$10,000 (or equivalent) without declaration. Any amount above this threshold must be declared in full using official forms from the Ghana Revenue Authority’s Customs Division, alongside supporting documentation showing the source and purpose of the funds. Outbound travelers carrying more than US$50,000 will also be required to attach endorsed bank slips or foreign exchange bureau receipts as evidence of the legal acquisition of the currency.
Importers face additional scrutiny, with requirements to provide proof of purchase, valid import declaration forms, commercial invoices, and contracts where applicable. The guidelines also ban transporting foreign currency through mail or cargo, warning that such funds will be confiscated.
Non-compliance attracts heavy penalties, including immediate seizure of undeclared amounts, fines, or criminal prosecution. Monetary instruments covered under the rules range from cash, cheques, and money orders to gold, silver, and other precious stones.
The move is expected to help curb illicit financial flows, protect the integrity of Ghana’s financial system, and reinforce the country’s reputation with international partners. For businesses, the stricter regime may mean tighter documentation burdens on cross-border transactions, but greater transparency and stability in foreign exchange markets.
The amendments are grounded in the Foreign Exchange Act (2006), the Anti-Money Laundering Act (2020), and the Customs Act (2015), aligning Ghana’s financial oversight with global AML standards.
Ghana already, is preparing for a crucial international review of its anti-money laundering and counter-terrorism financing measures, which comes with high stakes for the country. Officials are warning that failure to meet global standards could land the country on the Financial Action Task Force (FATF) grey list.
