The Bank of Ghana has increased the maximum advance payment for the importation of goods and services to $200,000.

This is part of the Central Bank’s amendment of the rules on advance payments for the imports of goods and services into the country.

The adjustment is a 300% percent increase of the previous $50,000 needed and has been scheduled to take effect from Monday July 1, 2024.

What this revision means is that, importers relying on advance payment option for imports are required to make a maximum payment of $200,000 per the new amendment.

The Bank of Ghana in a notice said “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 of international trade where the buyer places funds at the disposal of the seller before shipment of the goods or services are done.

Payments are done within 24 hours after receipt of customer request.

In addition, documents required for the amendment are as follows:

1. A Customer instruction or request.
2. A valid Import Declaration Form (IDF).
3. A Pro forma or Commercial Invoice outlining the details of the transaction.
4. 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.
5. A Sales Contract or Supplier Agreement detailing payment terms and schedules. (Optional)