2026 Budget: Ato Forson Describes Import Fraud as ‘Organised Crime,’ Reveals $31bn Outflow With No Goods Imported
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Accra, Ghana — Finance Minister Dr. Cassiel Ato Forson has issued a grave warning to Parliament and the nation, describing the scale of import-related fraud uncovered in Ghana’s trade system as nothing short of “organised crime.”
Presenting the 2026 Budget Statement and Economic Policy in Parliament on Thursday, the minister revealed that tens of billions of dollars were moved out of Ghana under the guise of imports many of which had no corresponding goods entering the country. The shocking revelation comes from a special audit conducted by the Auditor-General, which will be formally submitted to Parliament next week.
Dr. Forson disclosed that through the Integrated Customs Management System (ICUMS), a staggering $83.83 billion worth of transactions were processed as import-related payments. However, only a small fraction reflected legitimate trade. “Mr. Speaker, surprisingly this amount of $83.83 billion was transferred from Ghana in the name of imports. But only 10,440 of these transactions were linked to actual imports,” he stated.
The minister added that $31 billion in transactions were sent abroad with no goods imported at all. This massive leakage is weakening the cedi, draining foreign reserves, and denying the economy essential resources. “This leak bleeds our reserves, weakens the Ghana cedi, and deprives the economy of resources that should have built schools, roads, and hospitals.”
The audit also uncovered deliberate under-valuation of imports to dodge tax obligations. “Some importers under declared values to hide about ₵76 billion in imports, denying Ghana about ₵11 billion in potential revenue between 2020 and August 2025.”
In a disturbing twist, Dr. Forson revealed that some commercial banks facilitated inflated transfer values, ignoring the Bank of Ghana’s US$200,000 transfer ceiling. Over 17,700 Import Declaration Forms (IDFs) breached the limit, resulting in over $20 billion in unverified foreign transfers. “Mr. Speaker, importers inflated transfer values, aided by some banks that ignored the $200,000 ceiling set by the central bank.”
The minister described this pattern of abuse as deliberate, coordinated, and harmful to Ghana’s economic stability.
Dr. Forson assured the House that the detailed findings will be formally submitted next week, adding that new corrective measures will be rolled out to plug loopholes and strengthen trade governance.
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