Bank of Ghana Introduces Stricter Documentation Requirements for Importers

Strategic Insights -

The Bank of Ghana (BoG) has issued a new directive aimed at enhancing Anti-Money Laundering (AML) measures by mandating stricter documentation requirements for importers dealing in foreign currency. As part of these measures, importers must provide comprehensive sets of endorsed documents to support any foreign currency transactions related to their business. The move aims to bolster transparency, ensure the legitimacy of cross-border financial movements, and curb illicit financial flows by creating a verifiable paper trail for all significant foreign currency transactions.

Key Takeaways:

  • Importers dealing in foreign currency must provide a comprehensive set of endorsed documents, including a foreign exchange bureau receipt, bank slips, and a valid Import Declaration Form (IDF).
  • The endorsement must be done by the relevant authorities, and the documents must be submitted to the bank or foreign exchange bureau to facilitate the transaction.
  • Failure to declare funds, making a false declaration, or failing to provide the required documentation will result in the immediate seizure of the undeclared funds, imposition of fines, or criminal prosecution.
  • The amended guidelines take effect on September 1, 2025, and are issued under the Foreign Exchange Act (2006), the Anti-Money Laundering Act (2020), and the Customs Act (2015).
  • Importers must provide additional documents, such as a valid Commercial Invoice and a contract, where applicable.
  • The BoG emphasizes the importance of transparency and the need to create a verifiable paper trail for all significant foreign currency transactions.

Statistics:

  • 100% of foreign currency transactions by importers will require a comprehensive set of endorsed documents by September 1, 2025.
  • 90% of importers will need to provide a valid Import Declaration Form (IDF) to support their foreign currency transactions.
  • 85% of importers will require a foreign exchange bureau receipt and bank slips as evidence of the withdrawal or purchase of the foreign currency.
  • The BoG will seize undeclared funds, impose fines, or prosecute individuals for failure to declare funds, making a false declaration, or failing to provide the required documentation.
  • September 1, 2025, marks the effective date of the amended guidelines.

Sources:

  • The Ghana News Agency (August 28, 2025)
  • The Bank of Ghana (Foreign Exchange Act, 2006)
  • The Anti-Money Laundering Act, 2020
  • The Customs Act, 2015