Declare and Present Proof When Carrying Over US$10,000.00 While Travelling- BoG

In its revised guidelines for the import and export of foreign currency, the Bank of Ghana has stated that travellers carrying more than US$10,000 must declare and show proof of it.

The guidelines will take effect September 1, 2025.

In a statement, it said travellers are permitted to carry up to US$10,000.00 or its equivalent in any other foreign currency and monetary instruments without declaration.

Under the declaration requirement, 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.

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

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

For Importers, they are required to provide documents including endorsed foreign exchange bureau receipt, endorsed bank slips evidencing withdrawal or purchase of foreign currency and endorsed copies of a valid Import Declaration Form (IDF), valid Commercial Invoice and Contract (if applicable).

Penalties
According to the BoG, failure to declare funds, making a false declaration or failure to provide the required documentation shall attract immediate seizure of the undeclared amount (or monetary instruments), fines or criminal prosecution.

It noted that foreign currency transported through mail or cargo shall be confiscated by the State.

Story by Hajara Fuseini

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