The Bank of Ghana (BoG) has amended the guidelines that apply to all travellers entering or leaving Ghana by air, sea, land, and any other entry or exit point, and importers as part of its anti-money laundering measures.

These guidelines take effect on September 01, and shall remain in force until otherwise amended or revoked by the Bank of Ghana.

Under the new guidelines—declaration requirements—travellers carrying amounts above US$10,000 must declare such funds in full using the official Foreign Currency Declaration Form (FX-5) from the Customs Division of the Ghana Revenue Authority (GRA), indicating the source and purpose of the funds.

Inbound travellers carrying amounts above US$10,000 must also present proof of declaration of such funds from their port of origin or departure.

Outbound travellers with more than US$50,000 (or its equivalent in any other foreign currency and monetary instruments) are to declare the funds on Form FX-5. In addition, travellers are to attach the following required documents: an endorsed foreign exchange bureau receipt, bank slips evidencing withdrawal or purchase of foreign currency, and copies of a valid Import Declaration Form (IDF), commercial invoice, and contract if applicable.

However, travellers are permitted to carry up to US$10,000.00 (or its equivalent in any other foreign currency and monetary instruments) without declaration.

The Central Bank announced these guidelines in a notice issued under the Foreign Exchange Act, 2006 (Act 723), the Anti-Money Laundering Act, 2020 (Act 1044), and the Customs Act, 2015. (Act 891), as amended by the Customs (Amendment) Act 2020, (Act 1014).

Individuals who fail to declare funds, make a false declaration, or fail to provide relevant required documentation shall have their undeclared amount seized, fined, or prosecuted.

According to the Bank of Ghana, the foreign currency shall not be transported through mail or cargo. “Such funds shall be confiscated to the State,” the central bank notified.

The monetary instruments include coins, cash/currency, travellers cheques, personal and cashier cheques, bearer shares and bonds, money orders, gold/silver/precious stones and prepaid wallets.

Meanwhile, the Bank of Ghana (BoG) has cautioned Ghanaian residents and businesses not duly licensed or authorised by the central bank against pricing, advertising, invoicing, receiving, or making payment in any foreign currency for goods and services.

These goods and services include but are not limited to “school fees, sale and rental of vehicles, sale and rental of real estate, airline tickets, domestic contracts, retail shopping, online sales and hotel accommodation.”

The central bank noted “that unlicensed or unauthorized dealings in forex activities (black market transactions), pricing/quoting, advertising, issuing receipts, receiving and/or making payments for goods and services in foreign currency (particularly the United States Dollars (USD)) in Ghana are strictly prohibited under the Foreign Exchange Act, 2006 (Act 723).

Institutions (both public and private) and individuals engaging in such practices are hereby directed to immediately cease and desist.”

According to the central bank, foreign currency invoices may be issued only to expatriates (foreign nationals) or non-residents, and proceeds from such transactions shall be paid into a Foreign Exchange Account (FEA) with any licensed bank.

“Exchange rates quoted and applied on invoices must reflect prevailing market rates of commercial banks and be benchmarked against the Bank of Ghana's published reference rate and not arbitrarily determined,” the Bank noted in a statement issued on August 27.

The Bank further emphasized that foreign exchange remains transferable through the banking system for legitimate external payments, subject to applicable regulatory thresholds and commercial banks' internal processes.

The Bank of Ghana has pledged to continue enforcing compliance, and violators will be subject to sanctions and appropriate legal action in accordance with Act 723.

About a week ago, the Bank of Ghana (BoG) ordered banks nationwide to refrain from paying foreign currencies to large companies that do not make deposits in the same currency.

This directive was issued by the banks in an official statement dated August 20 and titled “Notice to Banks and the General Public”, expressing concerns over the rising withdrawals by large corporations without initial funding in the same currency.

“The Bank of Ghana has observed with concern the growing practice of foreign currency (FCY) cash withdrawals by Large Corporates (e.g., Bulk Oil Distribution Companies, mining companies, and other similar actors) that are not directly funded by prior FCY cash deposits”, excerpts of the statement read.

BoG explained that these withdrawals put pressure on the country’s foreign exchange, hence the need to protect the country’s foreign reserves and deal with unbalanced foreign currency flows.

“This practice exerts avoidable pressure on the foreign exchange market and undermines efforts to ensure stability”, BoG added.

Consequently, effective August 20, all banks have been ordered to put an end to payouts in dollars. It also ordered banks to keep documents on all the sources of the funds. Among the records the banks are suspected to keep are whether the cash was deposited by the company, whether it was transferred from abroad

“Accordingly, with immediate effect, all banks are directed to discontinue the payment of FCY cash to Large Corporates unless such transactions are fully supported by equivalent FCY cash deposits lodged by the same institution. Banks must retain proper documentation to confirm the source of funds for every payout”, it added.

While the BoG has issued this directive concerning the payment of foreign currencies to the large Corporates, it has assured them of the government’s commitment to make available foreign exchange liquidity to help support and sustain them in their business due to their contribution to the country’s economy

“The Bank of Ghana remains committed to supporting the operations of Large Corporates, recognising their critical role in sustaining petroleum supply, mineral exports, and other essential sectors of Ghana's economy. To this end, the Bank, in partnership with the Government, has put in place mechanisms to source and provide foreign exchange liquidity to meet legitimate import obligations of Large Corporates. These measures are designed to safeguard market stability while ensuring that vital supply chains remain. Uninterrupted”, it continued, urging compliance from relevant stakeholders. Non-compliant bodies will face the “appropriate sanctions”

“We expect all banks to comply strictly with this directive and to cooperate fully with the Bank of Ghana in ensuring that available foreign exchange resources are applied efficiently and transparently. Non-compliance will attract appropriate regulatory sanctions.

“Relevant industry associations are kindly requested to bring this Notice to the attention of their members and ensure their adherence,” BoG added.

Performance of the cedi

The Ghana cedi has seen a remarkable appreciation against major trading currencies worldwide over the past six months.

During the presentation of the 2025 Mid-Year Fiscal Policy Review yesterday, July 24, the Minister for Finance, Dr. Cassiel Ato Forson, revealed that the cedi has recorded a remarkable turnaround in the first six months of 2025, appreciating by 42.6% against the US dollar.

Dr Forson described the cedi’s performance as “impressive” and the first of its kind in the history of Ghana’s economy. The cedi, which was initially always experiencing depreciation, is currently showing resilience against the dollar. He noted that the cedi, which was previously trading at about GH¢17.0 to the US dollar, had strengthened to GH¢10.4 as of July 23.

“Mr. Speaker, the cedi’s performance in the first half of this year has been impressive! The Ghana cedi experienced significant appreciation against all major trading currencies in the first six months of 2025. I am happy to inform the House that our precious cedi, which once upon a time was trading at about GH¢17.0 to the US dollar, was trading at about GH¢10.4 as of yesterday, 23rd July, 2025,” he revealed.

In high spirits, the minister adopted the catchphrase from Ghanaian highlife musician King Paluta’s energetic party anthem “For the Popping (Apicki),” released on December 27, 2024, and said, “This level of appreciation of the Ghana cedi has never happened in the history of our nation. Ghanafo, cedi no apicki! Apicki apicki apicki!”

He continued that the strength of the cedi has not appreciated against just the US dollar but against the British pound as well. The cedi also gained 30.3% against the British pound and 25.6% against the euro during the same period. This marks a sharp contrast to the same period in 2024, when the cedi depreciated by 18.6% against the dollar, 17.9% against the pound, and 16.0% against the euro.

“Similarly, the cedi, which was once trading at GH¢21.0 to the Great British Pound, was trading at about GH¢14.1 as of yesterday, 23rd July 2025. Mr. Speaker, as of end-June 2025, the cedi appreciated by 42.6% against the US dollar, 30.3% against the British pound, and 25.6% against the euro,” he added.

With these gains over the past few months, Dr Cassiel stated that all the losses in the previous years had been reversed. “Mr. Speaker, I repeat, so far, we have almost reversed all the cedi depreciation in 2022, 2023, and 2024,” he mentioned.

The cedi’s appreciation, the minister continued, can be attributed to the government’s strategic economic policies and programmes, including strong fiscal consolidation, tight monetary policy, improved external sector balances, renewed investor confidence, positive market sentiments, recent credit rating upgrades, and the successful completion of the IMF programme's fourth review.

He said, “Mr. Speaker, these gains are largely due to strong fiscal consolidation, tight monetary policy, improved external sector balances, renewed investor confidence, positive market sentiments, credit rating upgrades, and successfully securing staff-level agreement and subsequent Board approval on the 4th Review of the IMF programme.”

The current status of the cedi is proof of a growing economy whose foundations are being stabilized. “The cedi’s rebound signals that Ghana’s economic foundations are once again beginning to firm up.”

To maintain the cedi’s appreciation, Dr Ato Forson recommended, “Sustaining this stability will require continued fiscal discipline, supportive monetary policy, strong liquidity sterilisation, robust reserve accumulation supported by activities of the GoldBod and the credible implementation of structural reforms.”

In a related development, Bank of Ghana Governor Dr. Johnson Asiama also highlighted the cedi’s appreciation during the Graphic Business/Stanbic Bank Breakfast Meeting held on Tuesday, 15th July, at the Labadi Beach Hotel under the theme “Sustaining Forex Gains: Business and Economic Impact.”

Delivering his keynote address, the Governor stated, "the Ghanaian Cedi has appreciated by over 42% year-to-date as of June 2025, reversing nearly all the losses incurred in 2022 and 2023," stressing that the rising cedi must go beyond numbers and lead to real change.

The Governor further noted that Ghana’s gross international reserves now stand at US$11.1 billion, representing 4.8 months of import cover, up from US$8.98 billion at the end of 2024. He added that the country recorded a trade surplus of US$4.14 billion in the first four months of 2025, driven by export growth of over 60%, mainly from gold, cocoa, and oil.

Meanwhile, last month, a group of importers in the country expressed frustration with banks over their refusal to make US dollars available for their business needs.

According to them, what the Bank of Ghana regularly announces as the interbank rate does not reflect reality, leading to the refusal of banks to make dollars available for sale.

"On paper, the cedi is supposed to stabilise, which means we should be able to get dollars at the approved and lower rates from the bank, but that is not the case. We are not getting the dollars from the bank. It is very difficult," they said in the statement.

The situation, they say, has compelled them to resort to the black market to bear with offers at exorbitant rates.

''As businessmen who import goods, our main trading currency is the US Dollar, which we buy from home for our external transactions. And the Cedi's recent stability against the US Dollar came as good news to importers and traders, for obvious reasons. However, just as we began to revel in the stability, we are now confronted with another challenge of struggling to buy US Dollars from the banks," the importers noted.

The group has raised questions about the credibility of the Bank of Ghana's quoted exchange rate, following persistent challenges in accessing U.S dollars from commercial banks.