Bank of Ghana Raises Advance Payment Limit for Imports to $200,000

The Bank of Ghana has revised its regulations, increasing the maximum advance payment for importing goods and services to $200,000.

This change is part of the Central Bank’s updated rules on advance payments for imports into the country.

The new limit represents a 300% increase from the previous cap of $50,000 and will take effect from Monday, July 1, 2024.

Under the new amendment, importers using the advance payment option are now allowed to make payments up to $200,000.

According to a notice from the Bank of Ghana, “effective 1st July 2024, the maximum amount allowed using the Advance Payment option for imports has been raised from US$50,000.00 to US$200,000.00 per transaction, per importer.”

Advance payment is a trade method where the buyer transfers funds to the seller before the shipment of goods or services.

Payments are processed within 24 hours after the customer’s request is received.

The following documents are required for the amendment:

1. A customer instruction or request.

2. A valid Import Declaration Form (IDF).

3. A pro forma or commercial invoice outlining transaction details.

4. An undertaking by the importer to submit clearing documents within:

5. 90 days from the payment of the invoice for general merchandise or finished goods.

6. 180 days for capital goods such as plant, machinery, and equipment with long manufacturing periods, extendable with prior approval from the Head of the Financial Markets Department at the Bank of Ghana.

7. A sales contract or supplier agreement detailing payment terms and schedules (optional).