Use credit cards for international trade – Importers Association to traders
By Praisebell Rosemond Larbi
The Importers and Exporters Association of Ghana has urged its members and the wider business community to embrace the use of credit and Visa cards when conducting international trade.
The move, according to the Association, aligns with the Bank of Ghana’s revised foreign exchange compliance regulations aimed at tightening oversight of cross-border currency movement.
Under the new thresholds announced by the central bank, travellers entering Ghana are permitted to hold a maximum of USD10,000 in cash, while those leaving the country can carry up to USD50,000.
The directive forms part of broader measures to curb money laundering, safeguard the financial system, and align Ghana’s practices with international regulatory standards.
Executive Secretary of the Association, Samson Asaki Awingobit, described the development as timely and progressive.
Speaking to journalists in Accra, he explained that credit and Visa cards present a safer and more transparent alternative to physically transporting large sums of foreign currency.
“You can load more than USD10,000 onto your credit card or Visa card, and if you need to purchase goods above that amount, it should be done through a proper bank-to-bank transaction. That’s why we are encouraging the business community to sign up for credit cards and use them for international trade,” Mr Awingobit said.
The Bank of Ghana has also provided clarity on compliance procedures.
Travellers carrying amounts above the stipulated thresholds must complete the official FX-5 declaration form from the Customs Division of the Ghana Revenue Authority, disclosing both the source and intended use of the funds.
Inbound travellers must additionally present proof of declaration from their port of origin if they are entering with more than USD10,000 in cash.
For outbound travellers, the requirements are stricter. Any individual carrying over USD50,000 is expected to declare the funds and provide supporting documentation such as forex bureau receipts or bank transaction slips duly endorsed as evidence of legitimate withdrawal or purchase.
The Importers and Exporters Association has therefore advised its members to quickly adapt to the new system to avoid sanctions and to secure smooth transactions in their overseas engagements.
