Imports advance payment: BOG increases to $200,000 per transaction

The Bank of Ghana has amended the rules governing advance payments for the importation of goods and services, significantly raising the maximum allowable payment.

Effective July 1, 2024, importers using the Advance Payment Option can now make payments up to $200,000 per transaction, a substantial increase from the previous limit of $50,000.

This 300% increase aims to facilitate smoother transactions for importers. The Bank of Ghana announced the new amendment in a notice issued on Tuesday, emphasizing that each importer can utilize the $200,000 maximum for individual transactions.

In accordance with the new rules, the necessary documentation required to effect advance payments includes:

• A valid Import Declaration Form (IDF)
• A Pro forma or Commercial Invoice outlining the details of the transaction.
• An Undertaking by the importer to submit clearing documents within a period not exceeding:
• 90 days from payment of invoice for general merchandise or finished goods.
• For capital goods such as plant, machinery and equipment with long manufacture periods, the period shall be 180 days which can be extended with prior approval from the Head, Financial Markets Department, Bank of Ghana.
• A Sales Contract or Supplier Agreement detailing payment terms and schedules. (Optional)