Ghana Forex Rules: Importers Adopt Credit Cards

he Importers and Exporters Association of Ghana is advising its members. For instance, they should use credit or Visa cards for overseas transactions. They should not carry large amounts of cash. This directive, in fact, helps members comply with the new Ghana forex rules. It follows the Bank of Ghana’s revised thresholds on foreign currency holdings. For example, the limit is $10,000 for inbound travelers. It is $50,000 for outbound travelers. These new guidelines are part of broader anti-money laundering measures. Consequently, they regulate the importation and exportation of foreign currency.

Speaking to Citi Business News, the Association’s Executive Secretary welcomed the central bank’s move. Samson Asaki Awingobit described it as consistent with international best practices. “You can load more than $10,000 onto your credit card or Visa card,” he explained. “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 said. This new regulation, therefore, promotes transparency in financial transactions. It also helps authorities track the flow of money. Thus, it prevents illicit activities.

Furthermore, the Bank of Ghana has reiterated its declaration requirements. Travelers carrying over $10,000 must declare the full amount. They must use the official FX-5 form from the Customs Division of the Ghana Revenue Authority (GRA). The form requires travelers to state the source and purpose of the funds. In addition, inbound travelers with more than $10,000 must provide proof of declaration from their port of origin. Meanwhile, outbound travelers carrying over $50,000 must declare the funds. They must also submit supporting documents. These include endorsed forex bureau receipts and bank slips. The slips must show the withdrawal or purchase of the currency. These steps are vital for the new Ghana forex rules.

The Association’s advice comes at a crucial time. Ghana continues to strengthen its financial regulations. The government and the central bank are working to create a more robust and transparent financial system. Using digital payment systems like credit cards is a key step. It reduces risks associated with carrying cash. In fact, it also streamlines international trade. Consequently, importers and exporters can operate more efficiently and securely.

Source: Daniel Oduro-Mensah for Citi Business News, August 28, 2025