The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has raised alarm over the smuggling of huge sums of foreign currency out of the country without declaration, describing it as a major economic threat and a setback in the fight against money laundering.

Speaking on Joy News’ yet-to-air PM Express Business Edition, Dr. Asiama disclosed that intelligence reports revealed some individuals have been carrying over a million dollars in cash out of Ghana without proper disclosure.

“People are carrying over a million dollars just out of Ghana without declaring these; those are leakages,” he said.

“As a regulator, it is for us to work together with the GRA and other agencies to ensure such sums are accounted for, sources are verified, and declarations are made.

That’s critical for our anti-money laundering fight.”

The BoG Governor explained that recent market directives from the central bank are targeted at sealing such loopholes and ensuring efficiency in Ghana’s financial system.

“We are redefining the framework within which the market has to work.

These are things we should have been enforcing earlier, but given the context, we now see the need to set clear boundaries so that the markets can function properly,” he stated.

Rejecting claims that the central bank is overreacting, Dr. Asiama likened the reforms to setting fair rules in a football match:

“There’s a context within which the game has to be played, and that’s exactly what we are doing.”

Dr. Asiama also defended the controversial notice on large withdrawals, noting that central bank investigations uncovered suspicious practices by some corporations.

According to him, certain exporters who earned foreign exchange through their FCA accounts attempted to withdraw tens of millions of dollars in physical cash locally, even though their payments were meant for overseas transactions.

“Imagine a corporation wanting to withdraw $10 million over the counter.

Their payments are abroad, and they don’t carry physical cash to settle anything.

So we said no, such corporations must operate differently,” he explained.

For individuals, however, the Governor assured that small withdrawals would not be affected.“

If you need $100 or $200 for personal use, you can negotiate with your bank.

You have the choice of taking the cash, paying a commission, or converting it into cedis,” he clarified.

Dr. Asiama stressed that the central bank engaged extensively with commercial banks before issuing the notices.

“We met with the CEOs of banks several times, took on board their feedback, and issued the notices with their input.

That’s why the banks are not complaining—they were part of the process,” he said.

The Governor expressed confidence that the new measures will enhance accountability, safeguard the economy, and strengthen Ghana’s anti-money laundering regime.