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General News of Monday, April 29, 2019
Source: citibusinessnews.com
2019-04-29
According to BoG, the transport of currency by mail or by freight is strictly prohibited
The Bank of Ghana (BoG) has warned of serious consequences for people who flout its rules regarding the import and export of currencies.
In a public announcement, the central bank stated that the Foreign Exchange Act of 2006 (ACT 723) gave it the power to establish rules governing the importation of foreign currency and that, taking into account the provisions 749) as amended.
The statement warned that;
All persons coming from or going to Ghana are allowed to take away up to USD 10,000 or the equivalent in any other monetary instrument, without declaration. However, if the amount exceeds $ 10,000.00, the total amount must be reported using the currency declaration form (CDF), indicating the source and purpose of the transfer. If you have someone else who carries the currency or the monetary instrument for you, you must also declare it at the point of entry or exit.
The absence of declaration or misrepresentation will result in the seizure and / or confiscation of all currency or monetary instruments and may be subject to sanctions and / or criminal prosecution.
The notification went on to specify that monetary instruments include coins, currency, traveler's checks and bearer instruments such as personal or cash checks, bearer shares and bonds.
According to the Bank of Ghana, the transportation of currency by mail or freight is strictly prohibited and these amounts must be confiscated from the State at the time of seizure.
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