Read also:
- Ghana loses billions in suspected import fraud – Finance Minister
- We met an economy weighed down by debt – Finance Minister
- 2026 Budget: ECG’s monthly revenue has risen by 90% – from GH¢900 million to GH¢1.7 billion – Ato Forson
- Parliament approves Justice Paul Baffoe-Bonnie’s nomination as Chief Justice
- Bank of Ghana Unveils New FX Framework to Boost Transparency and Stability
Finance Minister Dr. Cassiel Ato Forson has exposed extensive abuse within Ghana’s import declaration system, resulting in billions of dollars being illicitly moved abroad under the guise of legitimate trade.
While presenting the 2026 Budget Statement to Parliament on Thursday, November 13, Dr. Forson revealed that investigations by the Ministry uncovered widespread misuse of import declaration forms (IDFs), originally intended to facilitate lawful imports.
He disclosed that between April 2020 and August 2025, over 525,000 transactions totaling $83 billion were processed through the IDF platform. Shockingly, only 10,440 transactions, about $52 billion were linked to actual imports, meaning roughly $31 billion left the country with no corresponding goods.
Describing the situation as a “massive leakage,” Dr. Forson said the abuse has drained Ghana’s foreign reserves, weakened the cedi, and deprived the economy of resources crucial for development.
“These leaks breach our reserves, weaken the Ghanaian cedi, and deprive the economy of resources used to build schools and other infrastructure,” he stated.
The Minister added that those responsible will be handed over to the Attorney General and the CID for investigation. He further announced that an inter agency committee will now audit all import related transfers going forward to prevent future abuses.
