Importers Urged to Use Credit Cards as BoG Tightens Foreign Currency Rules
The Importers and Exporters Association of Ghana has advised its members to rely on credit and visa cards rather than carrying large sums of cash when travelling abroad, following the Bank of Ghana’s decision to impose stricter thresholds on foreign currency holdings.
Under the revised guidelines, inbound travellers are limited to $10,000 in cash, while outbound travellers can carry up to $50,000. The measures, introduced as part of wider anti-money laundering efforts, also require travellers exceeding these limits to declare the funds and provide supporting documentation.
Samson Asaki Awingobit, executive secretary of the Association, said the move was in line with global best practice.
“You can load more than $10,000 onto your credit card 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,” he said.
The central bank has reiterated that travellers carrying more than $10,000 must complete the official FX-5 declaration form with the Customs Division of the Ghana Revenue Authority, while inbound passengers must also show proof of declaration at their port of origin.
Outbound travellers with over $50,000 are required to provide evidence such as endorsed forex bureau receipts or bank withdrawal slips.
The directive comes as Ghana steps up efforts to tighten financial oversight and align with anti-money laundering standards set by international partners.
