Report excess of $ 10,000 – BoG to travelers

Company News of Monday, April 29, 2019

Source: kasapafmonline.com

2019-04-29

The Bank of Ghana has announced that travelers arriving in Ghana or going out with more than US $ 10,000.00 must now declare using the PIT at the port of entry.

In a statement, however, the bank noted that travelers with $ 10,000.00 are free to leave without prior notice.

"Under the authority of the Bank of Ghana under the Foreign Exchange Act of 2006 (ACT 723) to establish rules governing the importation of foreign currencies and taking into account the provisions of the 2008 Law on fight against money laundering (Law No. 749), The Bank of Ghana announces for the information of the general public that:

"Any person to or from Ghana is allowed to take away, without return, up to $ 10,000 or the equivalent in any other monetary instrument, but where the amount exceeds $ 10,000. $, the total amount must be declared using the currency declaration form (CDF), indicating the source and purpose of the transfer.If you have someone who carries the currency or the monetary instrument for you, you must also declare at the point of entry or exit, "said the bank.

The declaration adds that "failure to declare or false declaration entails the seizure and / or confiscation of all currency or monetary instruments and may be subject to sanctions and / or criminal prosecution.

"Money instruments include coins, currency, traveler's checks and bearer instruments such as personal or cash checks, bearer shares and bonds.

"The transportation of currency by mail or by freight is strictly forbidden. These amounts are confiscated from the State ".