The Bank of Ghana has declared that any person arriving in or departing the country is allowed to carry only up to $10,000.00.
This is a move to curb money laundering and smuggling of the dollar into the country.
According to the Secretary of the Bank (BoG) Mrs. Frances Van Hein Sackey,
the move is triggered by the implementation of the Foreign Exchange Act 2006(ACT 723),
which governs the influx and outflow of Foreign currency in the country in a bid to curb money laundering.
The press release further highlighted
that where a person has an excess of $10,000.00 in cash or in order monetary instruments,
the holder is required by law to sign a CurrencyDeclaration Form(CDF) to indicate the source and purpose of the money.
In situations where other persons hold an excess of the said amount on one’s behalf in cash or in other monetary instruments,
a CDF is again required to be signed at all points of entry and exit.
Failure to do declare or a false declaration according to BoG will lead to seizure or forfeiture of the amount and the holder
may be subjected to penalties or criminal charges may be leveled.
The Central Bank went to say in the press release that monetary instruments may include
coins, Currency, traveler’s cheques and other bearer instruments such as
personal or cashier’s cheque and bearer shares and bonds.
The Bank finally declared that transportation of currency in and out of the country by use of mail and cargo is against the law as established by the
Foreign Exchange Act 2006(ACT 723) and the Anti Money Laundering Act 2008(ACT 749) and thus will be subject to confiscation by the State.
Source: AMOAH GREGORY