Ghana Bleeds Billions: Import Declaration Abuse Costs Economy Dearly
Ghana’s economy has suffered a significant blow, with over GH¢31 billion lost due to fraudulent import declaration practices between April 2020 and August 2025. This alarming revelation, made by Finance Minister Dr. Cassiel Ato Forson, highlights a critical vulnerability in the country’s financial systems and poses a serious threat to its economic stability. The unchecked abuse of Import Declaration Forms (IDFs) has allowed substantial sums to leave the country without corresponding imports, draining national reserves.
The Scale of the Fraud: Unverified Transactions
During the specified five-year period, a staggering 525,814 foreign-exchange transactions, totaling approximately GH¢83 billion, were processed through the system. However, only a minuscule fraction – a mere 10,440 transactions – could be substantiated with verifiable import data. Addressing Parliament during the 2026 Fiscal Budget presentation on Thursday, November 13, 2025, Dr. Forson emphasized the severity of the situation and the urgent need for stricter controls. As a preventative measure, the Finance Minister also announced that importers of excavators will now require prior approval from the Ministry of Transport.
The staggering losses incurred through these fraudulent activities underscore the urgent need for robust reforms and enhanced oversight within Ghana’s import-export sector. The government must prioritize strengthening verification processes, tightening regulatory frameworks, and implementing stricter enforcement measures to curb this illicit practice and safeguard the nation’s financial resources. Failure to address this critical issue will continue to undermine Ghana’s economic progress and stability.
Keywords
Related Keywords: Import declaration abuse, Ato Forson, 31 billion lost, Ghana import fraud, tax evasion, customs fraud, import irregularities, financial crime, government revenue loss, import duties evasion
