Accra: The Bank of Ghana (BoG) has introduced a directive requiring importers who engage in foreign currency transactions to adhere to strict documentation procedures. This initiative is part of enhanced Anti-Money Laundering (AML) efforts aimed at increasing transparency and curbing illicit financial flows.
According to Ghana News Agency, the Notice, signed by Ms. Aimee V. Quashie on behalf of the Secretary, revises guidelines concerning the import and export of foreign currency. It mandates importers to furnish a comprehensive set of endorsed documents for any foreign currency dealings. These documents include an endorsed foreign exchange bureau receipt, endorsed bank slips for withdrawals or purchases of foreign currency, and endorsed copies of a valid Import Declaration Form (IDF), a valid Commercial Invoice, and a contract, if applicable.
The directive is designed to ensure the legitimacy of cross-border financial transactions by establishing a verifiable paper trail. Importers failing to comply with these documentation requirements may face the seizure of undeclared funds, fines, or criminal prosecution. These guidelines fall under the Foreign Exchange Act (2006), the Anti-Money Laundering Act (2020), and the Customs Act (2015), and they will be enforced starting September 1, 2025.
