The Bank of Ghana has announced that henceforth, travelers, arriving in or departing Ghana, will need to declare any sums of cash worth over $10,000.
In a statement, the bank however, noted that the limit on moving cash or cash equivalents to and from Ghana is $ 10,000 and anything over that amount must be declared using the currency declaration form at the point of entry.
To be clear, there are no customs duties, taxes or other fees paid to the Ghana government on cash declaration; it is a reporting requirement to Ghana Customs and in line with Anti-Money Laundering and Tax evasion laws.
Travelers who fail to declare cash in excess of $ 10,000 will have their cash seized and held until they can prove its origin and pay a fine.
Some weeks ago a 38-year-old Lebanese, Darwich Hussein, was busted by operatives of the Narcotics Control Board (NACOB) at the Kotoka International Airport (KIA) with $1.4 million and £ 256,000 in his carry-on bag.