Over $31bn lost to fake import transactions – Ato Forson

Finance Minister Dr Cassiel Ato Forson has revealed alarming findings of widespread abuse within Ghana’s import declaration system, leading to billions of dollars being illicitly transferred abroad under the guise of legitimate trade.

Presenting the 2026 Budget Statement to Parliament on Thursday, November 13, Dr Forson disclosed that investigations conducted by the Ministry uncovered a staggering misuse of import declaration forms, a tool originally designed to facilitate lawful trade.

According to him, between April 2020 and August 2025, over 525,000 transactions, amounting to an equivalent of $83 billion, were processed through the import declaration platform. However, only 10,440 of those transactions were linked to actual imports, accounting for about $52 billion.

This means approximately $31 billion was transferred outside Ghana, with no corresponding goods entering the country. Dr Forson described the situation as a “massive leakage” that has drained the nation’s foreign reserves, weakened the cedi, and deprived the economy of vital resources needed 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.

However, the victims he revealed will be handed over to the Attorney General and the CID for investigation.
“An inter-agency committee will now audit all imported related transfers going forward,” he added.