Maximum advance payment for imports increased to $200K per importer

The Bank of Ghana has increased the maximum advance payment for importing goods and services to $200,000, a 300% increase from the previous $50,000.

This change takes effect on July 1, 2024, and applies to importers using the advance payment option.

The required documents include a customer instruction, import declaration form, pro forma or commercial invoice, undertaking to submit clearing documents, and sales contract or supplier agreement.

This revision aims to facilitate international trade and simplify payment processes.

Payments will be made within 24 hours of receiving the customer's request.