Banks Not Behind Import Form Irregularities – Ghana Association of Banks Clarifies

The Ghana Association of Banks (GAB) has clarified that commercial banks in Ghana are not responsible for generating or issuing Import Declaration Forms (IDFs), following media reports suggesting irregularities in the import documentation process.

In a statement issued on Monday, October 20, the Association explained that the IDF is a Customs document managed exclusively by the Ghana Revenue Authority (GRA) through the Integrated Customs Management System (ICUMS).

“Banks only facilitate legitimate trade payments for importers in accordance with Bank of Ghana and GRA guidelines,” the statement said.

The Association noted that some banks have detected cases where importers use IDFs to initiate advance payments for imports but later generate new forms without the knowledge of the initial banks involved — a tactic often aimed at under-invoicing or evading customs duties.

According to GAB, in such cases, banks immediately suspend further advance payments until all relevant documentation is verified. However, some importers reportedly circumvent the system by using multiple bank accounts to continue their transactions, creating loopholes beyond the control of any single financial institution.

To address the issue, GAB disclosed that a multi-stakeholder committee comprising the Bank of Ghana, the GRA, ICUMS, and representatives of commercial banks has been established to review and tighten the IDF process, identify existing gaps, and recommend reforms to prevent abuse.

The Association further clarified that the USD 200,000 transaction threshold applies only to importers without complete import documentation at the time of payment. Importers with verified documents, however, can process transactions exceeding that amount in line with existing regulatory frameworks.

GAB reaffirmed the banking sector’s commitment to regulatory compliance, transparency, and integrity, emphasizing that the alleged irregularities arise from systemic misuse of IDFs by some importers — not from banks themselves.

“Banks maintain rigorous internal controls and compliance protocols to ensure that all trade and foreign exchange transactions adhere to legal and prudential requirements,” the statement signed by GAB Chief Executive Officer John Awuah concluded.

The Association assured that it will continue working with regulators to protect the integrity of Ghana’s financial and international trade systems.