Monday, September 1, 2025
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
No Result
View All Result

People carry $1m out of Ghana without declaration — BoG boss

BoG governor reveals incident involving undeclared transfer of $1 million from Ghana

Kojo Emmanuel by Kojo Emmanuel
September 1, 2025
in Business, Main
0
BoG Governor
Share on FacebookShare on Twitter

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has raised concerns over large sums of foreign currency being moved out of the country without proper declaration.

According to him, some individuals have been intercepted at Ghana’s airports attempting to carry over one million dollars in cash without notifying authorities, in clear violation of the law.

You might also like

Article 146 Mahama

Torkornoo’s removal: Committee submits first report to Mahama

September 1, 2025
Free SHS farms

Free SHS schools to run farms to tackle food shortages

September 1, 2025

Dr. Asiama disclosed this during a recent press briefing in Accra, stressing that such actions not only breach Ghana’s foreign exchange regulations but also undermine efforts to stabilise the local currency.

He said “If you look at the currency declaration context framework, for example, the intel we got was that some people actually take out, you know, large volumes of cash.

“People are carrying over a million dollars just out of Ghana, without declaring these, those are leakages, right?”

“And so as a regulator, it is for us to work together with the other regulators, GRA and the others to ensure that if you have to carry such large sums, these are accounted for.

“These are declared. The sources are known. And don’t forget, that’s also good for the anti-money laundering fight that we have on our hands,” he revealed.

The BoG Governor speaking on Joy News’ PM Express Business Edition, described such practices as major leakages that threaten the stability of the economy and undermine efforts to fight money laundering.

He said “These are things we should have been enforcing, but given the context in which we are, we’ve seen clearly that we need to set those boundaries clearly so that the markets can function and function properly.”

Implications for the cedi

The BoG Governor explained that these illegal outflows of foreign exchange contribute to pressure on the Ghana cedi, as the country continues to grapple with currency depreciation and inflationary challenges.

The movement of large sums of undeclared cash, he noted, creates distortions in the financial system and weakens Ghana’s foreign reserves.

He further cautioned travellers and business people to comply with existing laws, which require individuals carrying amounts above $10,000 (or its equivalent in foreign currency) to declare it at designated points.

The Governor reaffirmed BoG’s commitment to enforcing financial regulations and working with stakeholders to address loopholes in the system.

Ghana, like many developing economies, faces challenges with foreign exchange management amid rising import bills and limited export earnings.

BoG law on $1m carried out without declaration

In Ghana, it is illegal for a traveller to carry $1 million out of the country in cash. Strict anti-money laundering laws and foreign exchange regulations require large sums to be transferred through banks and properly documented.

Maximum cash limit for travellers
  • $10,000 without declaration: A person may carry up to $10,000 (or its equivalent in other currencies) into or out of Ghana without declaring it.
  • Bank transfers required for larger amounts: Any amount over $10,000 must be transferred through a bank or an authorised dealer, not carried as physical cash.
Rules for amounts exceeding $10,000
While carrying $1 million in cash is prohibited, the legal process for much smaller amounts above $10,000 requires full declaration and supporting documentation.
  • Declaration form: Travellers with more than $10,000 must declare the full amount using a Customs Division of the Ghana Revenue Authority (GRA) Foreign Currency Declaration Form (FX-5).
  • Supporting documents for over $50,000: For amounts greater than $50,000, outbound travellers must also provide additional documents, including endorsed bank slips or foreign exchange bureau receipts showing the source of the currency. 
Penalties for non-compliance
A person attempting to carry $1 million in cash out of Ghana would be in direct violation of the law and would face severe consequences. 
  • Seizure of funds: The undeclared amount would be immediately seized by authorities.
  • Fines and criminal charges: Violators are subject to heavy fines and possible criminal prosecution for illegal dealing in foreign exchange and money laundering.
  • Prohibition on transport via cargo: Transporting foreign currency via mail or cargo is also strictly prohibited and will result in confiscation.
Post Views: 93
Tags: Bank of GhanaDr Johnson AsiamaGhana Revenue Authority
Kojo Emmanuel

Kojo Emmanuel

Related Stories

Article 146 Mahama

Torkornoo’s removal: Committee submits first report to Mahama

by Kojo Emmanuel
September 1, 2025
0

President John Dramani Mahama has received the first report of the Article 146 Committee of Inquiry investigating petitions calling for...

Free SHS farms

Free SHS schools to run farms to tackle food shortages

by Kojo Emmanuel
September 1, 2025
0

The government has announced a new policy initiative that will see free senior high school (SHS) students across the country...

COP Lydia Interpol

COP Lydia Donkor makes history on INTERPOL Africa committee

by Kojo Emmanuel
September 1, 2025
0

Commissioner of Police (COP) Lydia Yaako Donkor, Director-General of the Criminal Investigations Department (CID) of the Ghana Police Service, has...

Mahama calm Bole

Mahama moves to restore calm in Sawla, Bole; engages Yagbonwura

by NewsCenta
August 31, 2025
0

President John Dramani Mahama has taken steps to restore calm in the Sawla-Bole Area of the Savannah Region. A statement...

Recommended

Erik Bayer Leverkusen

Bayer Leverkusen sacks Erik ten Hag after just three matches

September 1, 2025
Article 146 Mahama

Torkornoo’s removal: Committee submits first report to Mahama

September 1, 2025
BoG Governor

People carry $1m out of Ghana without declaration — BoG boss

September 1, 2025

Popular Story

  • Songs Daddy Lumba

    See the list of over 200 songs Daddy Lumba released

    737 shares
    Share 295 Tweet 184
  • Gold-backed policies since 2021 driving economic gains — BoG

    711 shares
    Share 284 Tweet 178
  • 10 of top 11 causes of death killing more men in Ghana

    697 shares
    Share 279 Tweet 174
  • Bissue floors High Court and OSP at Supreme Court

    690 shares
    Share 276 Tweet 173
  • Monday, May 26, 2025 Newspaper Headlines

    677 shares
    Share 271 Tweet 169
NewsCenta

Newscenta is a Ghana-based news organisation publishing in print (The Newscenta Newspaper) and on a digital media platform (newscenta.com) dedicated to delivering timely and impactful news across various sectors, including politics, business, economy, technology, and culture.

  • About Us
  • Contact Us
  • Health
  • Education
  • Mining
  • Energy
  • Telecoms
  • Agriculture
  • Opinion
  • Trade
  • Newspaper Headlines

© 2025 All Rights Reserved NewsCenta.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Newspaper Headlines
  • Business
  • Agriculture
  • Education
  • Sports
  • Tech
  • Opinion

© 2025 All Rights Reserved NewsCenta.

Connect with us