The government has uncovered a large-scale money laundering scheme involving both Ghanaian and foreign businesspeople who allegedly transferred funds outside the country under the guise of importing goods that never arrived.
The revelation, made by Minister of Finance Dr. Cassiel Ato Forson, suggests that at least $31 billion was illicitly moved out of Ghana between 2020 and 2025.
According to Dr. Ato Forson, security agencies have taken over investigations and will work to recover taxes lost as a result of the illegal transfers. He said the Bank of Ghana (BoG) has also been directed to impose regulatory sanctions on banks found to have facilitated the scheme.
$31bn in “Phantom Imports” Detected
Presenting the 2026 Budget Statement and Economic Policy in Parliament last Thursday, Dr. Ato Forson disclosed that data from the Import Declaration Form (IDF) system managed by the Ghana Revenue Authority (GRA) through the Integrated Customs Management System (ICUMS) revealed significant discrepancies between declared import transfers and actual goods received.
Between April 2020 and March 2025, importers processed foreign currency transfers equivalent to $81 billion (including amounts in yuan, pounds sterling and euros) for goods expected to enter Ghana. However, no goods were imported for transactions totaling $31 billion, indicating a deliberate scheme to launder money and avoid taxes.
“These are the same people who will later complain about the depreciation of the cedi,” the Finance Minister said during a televised budget discussion on UTV, monitored by Kumasi Mail.
“This is money laundering — taking money out of Ghana without paying required taxes. We have done the work, we have seen it, and we have handed it over to investigative agencies. Now we will go for the tax.”
Banks Face Sanctions
Dr. Ato Forson further revealed that some banks were complicit in the illegal transfers. He has formally written to the Bank of Ghana requesting regulatory action against any financial institution that breached anti-money-laundering or import-transaction rules.
“I want answers from the Bank of Ghana,” he insisted. “If any bank has flouted any rule, I expect punishment. This cannot continue.”
Government Moves to Recover Lost Revenue
Authorities say the next steps involve forensic investigations, retrieval of unpaid taxes, and strict enforcement to prevent similar schemes. The Minister stressed that the illegal transfers placed undue pressure on the cedi and contributed to its depreciation during the period under review.
Security agencies are expected to release further details as investigations progress.
Source: www.kumasimail.com
