The Importers and Exporters Association of Ghana is advising its members who intend to travel internationally to load funds onto their credit or Visa cards instead of carrying substantial amounts of cash.
This recommendation aims to assist members in adhering to the Bank of Ghana’s updated limits on foreign currency holdings: $10,000 for incoming travellers and $50,000 for outgoing travellers.
The newly established guidelines, which are part of a wider initiative to combat money laundering, govern the import and export of foreign currency.
In an interview with Citi Business News, the Association’s Executive Secretary, Samson Asaki Awingobit, expressed support for the central bank’s decision, characterizing it as aligned with global best practices.
“You can load more than $10,000 onto your credit card or Visa card. If you need to buy goods exceeding that amount, it should be conducted through a legitimate bank-to-bank transaction. This is why we are encouraging the business community to register for credit cards and utilize them for international trade,” he clarified.
Additionally, the Bank of Ghana has emphasized that:
Travellers carrying more than $10,000 must fully declare it using the official FX-5 form from the Customs Division of the Ghana Revenue Authority (GRA), indicating the source and purpose of the funds.
Inbound travellers with amounts exceeding $10,000 must also present proof of declaration from their point of origin.
Outbound travellers carrying over $50,000 are required to declare the funds and provide supporting documentation such as endorsed forex bureau receipts and bank slips that demonstrate the withdrawal or purchase of the currency.
