The maximum advance payment for the import of goods and services has been raised to $200,000 by the Bank of Ghana.
This is a component of the Central Bank’s modification to the guidelines on upfront payments for the entry of goods and services into the nation.
The modification is set to go into effect on Monday, July 1, 2024, and represents a 300% increase over the prior $50,000 required.
This change means that importers who use the advance payment option for their imports must pay a maximum of $200,000 in accordance with the new amendment.
“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,” the Bank of Ghana stated in a notice. The change took effect on July 1, 2024.
When a buyer uses the advance payment method in international trade, they provide the seller access to monies prior to the products or services being shipped.
Payments are processed 24 hours after the customer’s request is received.
Furthermore,
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)
