The Bank of Ghana has announced an increase in the maximum advance payment for the importation of goods and services to $200,000.
This change is part of the Central Bank’s revised regulations on advance payments for imports, set to take effect from Monday, July 1, 2024.
This adjustment represents a 300% increase from the previous limit of $50,000. Under the new rules, importers using the advance payment option will now be able to make a maximum payment of $200,000 per transaction.
The Bank of Ghana issued a notice stating that the maximum amount permitted using the advance payment option for imports has been increased to $200,000 per transaction, per importer.
Advance payment is a trade method where the buyer places funds at the seller’s disposal before the shipment of goods or services.
Payments are typically completed within 24 hours of receiving the customer’s request.
The necessary documents for the amendment outlined by the Bank of Ghana in its notice are 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)
