$31bn lost through fake imports as gov’t vows crackdown on trade fraud

In a shocking revelation to Parliament, the Finance Minister, Cassiel Ato Forson, has disclosed that the country lost over $31 billion to fake import transactions between 2020 and 2025 — a massive financial leakage that has weakened the cedi and deprived the economy of critical development funds.

This is believed to be money laundering.

Presenting the 2026 Budget Statement on Thursday, November 13, Dr. Forson said investigations by the Ministry of Finance uncovered extensive abuse of the country’s import declaration system.

He explained that while the system was designed to facilitate legitimate international trade, it had instead been used as a loophole for illicit financial transfers.

According to the findings, over 525,000 import declaration transactions—worth about $83 billion—were processed between April 2020 and August 2025.

However, only 10,440 transactions, representing about $52 billion, were connected to actual goods imported into the country. The remaining $31 billion, he said, was simply transferred out of Ghana without any corresponding imports.

“This is not only a financial crime but a severe economic sabotage,” Dr. Forson lamented. “These leaks breach our reserves, weaken the Ghanaian cedi, and deprive the economy of resources used to build schools, hospitals, and other infrastructure.”

The Finance Minister described the situation as a “massive leakage” that has undermined efforts to stabilize the economy, particularly during a period when the government is working to strengthen public finances and rebuild investor confidence.

He announced that an inter-agency committee—comprising officials from the Ministry of Finance, the Bank of Ghana, the Ghana Revenue Authority, and the Economic and Organized Crime Office (EOCO)—has been tasked to audit all import-related financial transfers going forward.

“All individuals and institutions found culpable will be referred to the Attorney General’s Office and the Criminal Investigation Department (CID) for prosecution,” Dr. Forson assured Parliament.

The revelation forms part of broader measures outlined in the 2026 Budget, aimed at tightening loopholes in the trade and tax systems to protect Ghana’s foreign reserves and improve revenue mobilization.

Previous audits by the Bank of Ghana and the Financial Intelligence Centre (FIC) have also raised concerns about “phantom imports”—transactions where foreign currency is released for goods that never arrive.

Dr. Forson emphasized that the new digital reforms under the Trade Facilitation and Import Verification Programme will ensure stricter oversight and real-time validation of import documentation to prevent further abuse.

“This government will not allow our country’s scarce foreign exchange to be siphoned away through fraudulent trade practices,” he said. “Every dollar must serve the Ghanaian economy, not line the pockets of criminal networks.”