Ghana’s Finance Minister, Dr. Cassiel Ato Forson, has disclosed that Ghana loses billions through the abuse of the use of import declaration forms, which has led to massive leakages at the country’s port.
Describing it as an organised system of exploitation, Dr. Ato Forson revealed that between April 2020 and August 2025, about 525,000 transactions worth an estimated US$84 Billion were processed through the Integrated Customs Management System (ICUMS). However, according to him, about 40% of the value of transactions transferred overseas could not be linked to any form of transaction.
“Surprisingly, only 10,440 of these transactions were linked to actual imports, an equivalent of US$31 billion in transactions were transferred abroad with no goods imported at all.” the minister said on the floor of parliament while delivering the 2026 budget statement.
According to him, the fraudulent operations were not random oversights they were part of an “organised crime” that has cost the nation dearly.
“This leak has bled our reserves, weakened the Ghana cedi, and deprived the economy of resources that should have built schools, roads and hospitals,” Dr. Forson lamented.
The Minister cited an audit that uncovered a trail of illicit transfers and tax evasions among some importers and their accomplices within the financial system.
The findings revealed that some importers under-declared the value of their goods, concealing up to GH¢76 billion worth of imports, thereby denying the country an estimated GH¢11 billion in potential revenue.
Dr. Forson continued that other importers inflated transfer values, aided by banks that ignored the US$200,000 ceiling set by the Bank of Ghana for certain foreign transfers.
“Over 17,700 Import Declaration Form (IDF) applications broke these limits, channelling an equivalent of about US$20 billion in unverified transfers out of Ghana,” he revealed.
The Minister didn’t mince words, describing the scheme as nothing short of organised crime.
“This was not a loophole; it was an organised system of exploitation. In fact, an organised crime,” he declared.
Dr. Forson hinted at ongoing investigations to trace the culprits. He assured Parliament that the government would work with relevant institutions such as Attorney General, Economic and Organised Crime Office (EOCO), Ghana Police and others to recover lost funds and tighten loopholes in Ghana’s trade and customs systems.
- President Commissions 36.5 Million Dollars Hospital In The Tain District
- You Will Not Go Free For Killing An Hard Working MP – Akufo-Addo To MP’s Killer
- I Will Lead You To Victory – Ato Forson Assures NDC Supporters
Visit Our Social Media for More
About Author
