BoG inaugurates committee to probe seized foreign currency at Ghana’s borders
The Bank of Ghana (BoG) has inaugurated a Preliminary Investigation Committee on Seized Foreign Currency as part of efforts to address the movement of undeclared foreign currency through Ghana’s airports and border points.
The Bank of Ghana (BoG) has established a Preliminary Investigation Committee to examine the seizure of foreign currency at Ghana's airports and border checkpoints. This move aims to tackle the issue of undeclared foreign currency entering the country through its borders. The Bank's Governor, Dr Johnson Pandit Asiama, stated that the committee's establishment is a response to the significant gap in the nation's financial system, which allows large sums of foreign currency to enter without the necessary declarations.
Dr Asiama highlighted that such undeclared currency flows could lead to financial sector integrity risks, including money laundering, tax evasion, and other illicit financial activities. He also mentioned that these movements weaken the financial intelligence available to authorities, diverting funds from the formal market. The committee is collaborating with several government entities, including the Ghana Revenue Authority, Ghana Airports Company Limited, National Security, the Economic and Organized Crime Office (EOCO), the Financial Intelligence Centre, and the Attorney General's Office, to protect Ghana's borders, markets, and resources.
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