Imports: BoG quadruples advance payment per importer to $200,000
The Bank of Ghana has amended the rules on advance payments for the imports of goods and services into the country.
Per the new amendment made, importers using the Advance Payment Option for imports are required to make a maximum payment of $200,000.
The new $200,000 maximum amount to be paid by importers following the amendment, represents a 300% increase or a quadruple of the $50,000 maximum amount paid by importers prior to the new amendment.
According to the BoG, the new amendment takes effect from July 1, 2024.
“With effect from 1st July 2024, the maximum amount permitted using the Advance Payment option for imports has been increased from US$50,000.00 to US$200,000.00 per transaction, per importer,” the Bank noted in a notice issued on Tuesday.
Per the new amendments made, the Central Bank notes that the necessary documentation required to effect Advance Payments includes;
- A Customer instruction or request
- 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)
