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Finance Minister Dr. Cassiel Ato Forson has revealed a massive and systemic abuse of Ghana’s Import Declaration Forms (IDFs), describing the scheme as a major source of financial leakage that has drained the country’s reserves, destabilised the cedi, and deprived the state of critical development funds.
Presenting the 2026 Budget Statement to Parliament on Thursday, November 13, Dr. Forson said a sweeping assessment of Ghana’s import transaction architecture exposed an entrenched pattern of fraud involving importers, banks, and intermediaries manipulating IDFs—documents intended to ensure transparency and accountability in cross-border trade.
US$31bn Transferred Abroad With No Goods Imported
According to the Finance Minister, the scale of the malpractice is “shocking.” Between April 2020 and August 2025, more than 525,000 import-related transactions valued at US$83 billion were processed through the Integrated Customs Management System (ICUMS). However, only 10,440 transactions corresponded to actual verified imports.
The audit uncovered that US$31 billion was transferred out of the country through IDFs with no goods imported at all, amounting to one of the largest illicit financial outflows in Ghana’s recent history.
“This is not an accident. This is organised crime,” Dr. Forson told Parliament.
Under-Declaration Robbed Ghana of GH¢11bn in Revenue
The Minister reported that some importers deliberately under-declared goods, hiding GH¢76 billion worth of imports from authorities—resulting in an estimated GH¢11 billion in lost government revenue.
In addition, numerous importers remitted more than the actual value of their goods, while banks approved forex transfers above the US$200,000 limit set by the Bank of Ghana without adequate documentation. These unverified transfers amount to about US$20 billion.
“Importers transferred funds abroad without importing any goods, some remitted more than what was due, and some banks ignored established limits,” Dr. Forson said. “This system has been manipulated for years.”
State Agencies to Prosecute Perpetrators
Dr. Forson disclosed that individuals and institutions implicated in the scandal are being referred to:
- The Attorney General’s Department
- The Economic and Organised Crime Office (EOCO)
- The Financial Intelligence Centre (FIC)
- The Criminal Investigations Department (CID)
The Minister emphasised that the government will pursue accountability “without fear or favour.”
Government Rolls Out Measures to Seal Loopholes
To recover lost revenue and prevent future manipulation, the Finance Minister announced several key measures:
- Establishment of a GRA Special Recovery Unit to reclaim leaked revenue.
- Creation of an Inter-Agency Committee to audit all future import-related transfers.
- Mandatory matching of every forex transfer with verified import data by the Bank of Ghana.
- Stricter enforcement of documentation and compliance procedures.
“Government remains fully committed to upholding the integrity of the import system and enforcing accountability to ensure every dollar sent abroad is matched by genuine economic value for the Ghanaian people,” Dr. Forson assured Parliament.
