The Importers and Exporters Association of Ghana has called for a deeper investigation into the shocking revelations of alleged phantom imports highlighted in the 2026 Budget, warning that the figures must be properly contextualised to avoid unfairly labelling legitimate traders.
Executive Secretary of the Association, Samson Asaki Awingobit, said while the numbers presented by the Finance Minister, Dr. Cassiel Ato Forson, are alarming, they do not automatically amount to wrongdoing.
He insisted the issue requires a more thorough national probe.
Speaking to Citi Business News, he opined, “The announcement by the Minister is alarming, but where I sit with the experience that I’ve had in this industry, I must say that we have to go beyond what the minister just said and probe it further.”
His reaction follows Finance Minister Dr. Cassiel Ato Forson’s disclosure that about $31 billion was transferred out of Ghana with no corresponding goods imported, forming part of $83.83 billion in supposed import payments.
Dr. Forson warned that the leakages were draining foreign reserves, weakening the cedi, and denying the economy vital revenue, with audits also revealing nearly GH¢76 billion worth of under-declared imports.
But the Importers and Exporters Association said the industry has long-standing practices that could create temporary mismatches between outgoing payments and the arrival of goods.
Samson Awingobit explained that many Ghanaian importers receive goods on credit due to the trust built with suppliers, especially in the frozen foods sector.
According to him, “You will see at times money going out of the country, but you expect to see goods coming back in equivalent. But this might not be seen. It does not necessarily mean that the person has caused money laundering.”
He added that some importers pay upfront for year-long supply contracts, with shipments arriving in tranches—making it easy to misinterpret the data if examined in isolation.
Awingobit emphasised the need for a balanced investigation, saying, “We need to ask, we need to probe into it… I’m happy that he said he has referred some people, individuals and companies to EOCO and FIC to investigate the outcome.”
