Declare it or lose It: BoG targets undeclared foreign cash above $10k

By Eugene Davis

Travellers entering or leaving Ghana—whether by air, sea, land, or any other entry or exit point—as well as importers carrying amounts exceeding US$10,000, are required to declare the funds in full using the official Foreign Currency Declaration Form (FX-5) issued by the Customs Division of the Ghana Revenue Authority (GRA). The declaration must clearly state both the source and intended purpose of the funds, the Bank of Ghana has announced in a notice.

According to a press statement signed by Aimee V. Quashie, for the Secretary, and circulated to Investment Times and Business24, the new directive amends the existing guidelines on the importation and exportation of foreign currency into and out of Ghana.

The new measures are anchored in 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).

Currency Limits Without Declaration

Travellers may carry up to US$10,000 (or its equivalent in other currencies and monetary instruments) without declaration.

Declaration Requirements

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

Inbound travellers with more than US$10,000 must additionally present proof of declaration from their port of origin or departure.

Outbound travellers carrying more than US$50,000 (or equivalent) must not only declare on Form FX-5, but also provide supporting documentation, including:

Endorsed foreign exchange bureau receipt.

Endorsed bank slips evidencing withdrawal or purchase of foreign currency.

Importers’ Obligations

Importers carrying foreign currency in excess of the limit must provide:

Endorsed foreign exchange bureau receipt.

Endorsed bank slips evidencing withdrawal or purchase.

Endorsed copies of: Valid Import Declaration Form (IDF),Valid Commercial Invoice, Contract (if applicable), Penalties for Non-Compliance.

Failure to declare funds, false declarations, or failure to provide required documentation will attract strict sanctions, including:

Immediate seizure of undeclared amounts or monetary instruments.

Administrative fines.

Possible criminal prosecution.

Monetary instruments covered under the directive include coins, travellers’ cheques, personal and cashier’s cheques, bearer shares and bonds, money orders, gold, silver, precious stones, prepaid wallets, and other negotiable instruments.

The directive also prohibits the transportation of foreign currency through mail or cargo, with undeclared funds confiscated to the State.

Effective Date

The new guidelines will take effect from September 1, 2025, and will remain in force until otherwise amended or revoked by the Bank of Ghana.

The Bank of Ghana explained that the reforms are part of efforts to strengthen foreign exchange management, combat money laundering and illicit financial flows, and safeguard the stability of Ghana’s financial system.

According to a press statement signed by Aimee V. Quashie for the secretary, and circulated to Investment Times and Business24, the BoG indicatesd that the move is an amendment to the guidelines on importation and exportation of foreign currency from the country.

The statement also noted that it 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).

The amended guidelines shall apply to all travellers entering or leaving Ghana by air, sea, land and any other entry or exit point, and importers.

Currency Limits Without Declaration

Travellers are permitted to carry up to US$10,000.00 (or its equivalent in any other foreign currency and monetary instruments) without declaration.

Declaration Requirements

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.

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

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: Endorsed foreign exchange bureau receipt, and Endorsed bank slips evidencing withdrawal or purchase of the foreign currency.

Importers must provide the following in support of their transactions:

Endorsed foreign exchange bureau receipt

Endorsed bank slips evidencing withdrawal or purchase of foreign currency.

Endorsed copies of the following:

Valid Import Declaration Form (IDF)

Valid Commercial Invoice

Contract (if applicable)

Penalties for Non-Compliance

Failure to declare funds, making of false declaration, or failure to provide relevant required documentation shall result in: immediate seizure of the undeclared amount (or monetary instruments);fines; or criminal prosecution.

Monetary instruments include: Coins,Travellers Cheques,Personal and Cashier Cheques,Bearer Shares and Bonds,Money Orders,Gold/Silver/Precious Stones,Prepaid Wallets,Foreign currency shall not be transported through mail or cargo.

Such funds shall be confiscated to the State.

These Guidelines shall take effect on September 01, 2025, and shall remain in force until otherwise amended or revoked by the Bank of Ghana.