The Importers and Exporters Association of Ghana has advised its members and the wider business community to load funds onto their credit or Visa cards rather than carry large amounts of cash when travelling abroad.
The directive follows the Bank of Ghana’s revised thresholds on foreign currency holdings, which cap inbound travellers at $10,000 and outbound travellers at $50,000. The new guidelines form part of wider measures to strengthen Ghana’s anti-money laundering regime and regulate the importation and exportation of foreign currency.
Speaking to Citi Business News, the Association’s Executive Secretary, Samson Asaki Awingobit, said the central bank’s move was consistent with international best practices and would ensure safer, more transparent transactions.
“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 explained.
Under the revised rules, the Bank of Ghana has directed that:
- Travellers carrying over $10,000 must declare the funds in full using the official FX-5 form from the Customs Division of the Ghana Revenue Authority (GRA), stating the source and purpose of the money.
- Inbound travellers with more than $10,000 must provide proof of declaration from their port of origin.
- Outbound travellers carrying above $50,000 must declare the funds and provide supporting documents, including endorsed forex bureau receipts and bank slips showing withdrawal or purchase of the currency.
Mr Awingobit noted that the directive not only protects travellers but also ensures Ghana remains compliant with international financial monitoring standards.
He stressed that reliance on electronic payment systems would reduce risks of theft, money laundering, and fraudulent cross-border dealings.
The Importers and Exporters Association has pledged to intensify education among its members to ensure compliance and smooth adaptation to the new regulatory regime.
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