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Business News Mon, 29 Apr 2019

Declare excess of $10k – BoG to travellers

The Bank of Ghana has announced that henceforth, travelers, arriving in or departing Ghana with money worth over $10,000.00 must declare using the currency declaration form at the point of entry.

In a statement, the bank however, noted travelers with $10,000.00 are free to move on without declaration.

“Under the powers conferred on Bank of Ghana by the Foreign Exchange Act, 2006 (ACT 723) to make rules governing the importation of foreign exchange and given the provisions of the Anti-Money Laundering Act, 2008 (Act 749) as amended, the Bank of Ghana announces for the information of the General Public that:

“a. Any person arriving in or departing from Ghana is permitted to carry up to $10,000.00 or its equivalent in any other monetary instruments without declaration. However where the amount is in excess of $10,000.00, the whole amount shall be declared using the Currency Declaration Form (CDF) indicating the source and purpose for carrying such an amount. If you have someone else carrying the currency or monetary instrument for you, you must also declare at the point of entry or exit,” the bank said in.

The statement further said” Failure to declare or a false declaration shall lead to the seizure and/ or forfeiture of all the currency or monetary instruments, and may be subjected to penalties and/ or criminal prosecution.

“Monetary instruments include coins, currency, traveller’s cheques and bearer instruments such as personal or cashier cheques, bearer shares and bonds.

“Transportation of currency through mails or cargo is strictly prohibited. Such amounts shall be confiscated to the State”.

Source: kasapafmonline.com
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