The Bank of Ghana (BoG) has announced an amendment to the rules governing Advance Payments for imports, increasing the maximum amount permitted from $50,000 to $200,000 per transaction.
This change will take effect from July 1, 2024. According to a BoG’s notice, this adjustment aims to provide greater flexibility for importers and improve the efficiency of import transactions.
The notice said the amendment is part of broader measures to clarify and streamline the procedures surrounding advance payments for imports.
To effect advance payments, the following documentation will be required:
1. A Customer instruction or request
2. A valid Import Declaration Form (IDF)
3. A Pro forma or Commercial Invoice outlining the transaction details
4. An Undertaking by the importer to submit clearing documents within a specified period:
– 90 days from the payment of the invoice for general merchandise or finished goods
– 180 days for capital goods such as plant, machinery, and equipment with long manufacture periods, extendable with prior approval from the Head of the Financial Markets Department at the BoG
5. A Sales Contract or Supplier Agreement detailing payment terms and schedules (optional)
This increase in the maximum advance payment is expected to ease the burden on businesses, allowing for larger transactions without the need for multiple payments.
The BoG has stated that this notice supersedes all previous notices regarding Advance Payment transfers.
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