The Central Bank of Ghana has just introduced new strict measures regulating foreign currency transactions by importers, as part of its efforts to combat money laundering.
Through these newly announced measures, the Bank of Ghana (BoG) aims to strengthen transparency, ensure compliance in cross-border financial flows, and effectively fight against illicit financial transactions.
Under this new regulation, which will come into effect starting September 1, importers are now required to provide officially approved documents to justify any foreign currency transaction related to their activities, the Central Bank specified in a notice relayed by the media.
Importers must therefore present a document from the exchange bureau and supporting bank records as proof of the withdrawal or purchase of foreign currency, as well as approved copies of an import declaration form.
In its notice, the Central Bank of Ghana also warned that any failure to declare funds, false declarations, or lack of required documentation will result in the immediate seizure of undeclared funds, the imposition of fines, or even criminal prosecution.
