The Bank of Ghana (BoG) has raised the maximum advance payment for the importation of goods and services to $200,000.
This change is part of the Central Bank’s amendment to the rules governing advance payments for imports.
The new limit, a 300% increase from the previous $50,000 cap, will take effect on Monday, July 1, 2024.
Under the revised regulations, importers using the advance payment option can now make a maximum payment of $200,000 per transaction.
The Bank of Ghana stated in a notice, “With effect from 1st July 2024, the maximum amount permitted using the Advance Payment option for imports has been increased from US$50,000.00 to US$200,000.00 per transaction, per importer.”
Advance payment is a method in international trade where the buyer places funds at the seller’s disposal before the shipment of goods or services.
These payments are processed within 24 hours of receiving the customer’s request.
In addition, documents required for the amendment are as follows:
- A Customer instruction or request.
- A valid Import Declaration Form (IDF).
- A Pro forma or Commercial Invoice outlining the details of the transaction.
- An Undertaking by the importer to submit clearing documents within a period not exceeding: (i) 90 days from payment of invoice for general merchandise or finished goods. (ii) For capital goods such as plant, machinery and equipment with long manufacture periods, the period shall be 180 days which can be extended with prior approval from the Head, Financial Markets Department, Bank of Ghana.
- A Sales Contract or Supplier Agreement detailing payment terms and schedules. (Optional)