BY Nadia Ntiamoah
The Ghana Association of Banks (GAB) has moved to clear the air on recent allegations suggesting the involvement of commercial banks in irregularities surrounding the issuance and processing of Import Declaration Forms (IDFs).
The Association insists that banks neither create nor issue IDFs, emphasizing that the responsibility lies entirely with the Ghana Revenue Authority (GRA) through its Integrated Customs Management System (ICUMS).
In a detailed statement signed by its Chief Executive Officer, John Awuah, GAB explained that the clarification became necessary following media reports linking banks to irregular IDF transactions.
According to the Association, the IDF is a mandatory customs document designed and managed solely by the GRA to monitor and regulate import activities.
Banks, on their part, merely facilitate trade payments in line with guidelines set by the Bank of Ghana (BoG) and the GRA.
Background of the IDF Process
The Import Declaration Form system was introduced by the GRA as part of broader customs modernization reforms under ICUMS to streamline import documentation, ensure transparency, and enhance revenue mobilization.
It forms part of Ghana’s digital trade infrastructure, aimed at reducing manual interventions and minimizing fraud in international trade transactions.
However, in recent months, there have been reports of importers allegedly manipulating the system by generating multiple IDFs to conceal actual transaction values or to under-invoice imports, resulting in significant customs revenue losses.
These concerns triggered public scrutiny over the role of banks, which act as intermediaries in facilitating foreign payments.
Banks Blame Importer Misconduct
GAB noted that while banks facilitate legitimate payments, they have detected instances where importers use approved IDFs to make advance payments for goods and later regenerate new forms without notifying the banks.
This, according to the Association, is often done to create discrepancies between the payment records and the final import documentation, allowing importers to understate the true cost of goods imported.
“When such inconsistencies are discovered, banks take swift remedial action by halting further transactions and demanding verification of all relevant documents,” the statement said.
It added that despite these efforts, some importers have found ways around the system by conducting transactions across multiple banks, making it difficult for any single financial institution to detect and prevent such practices entirely.
Joint Efforts to Strengthen Oversight
To address the growing loopholes, GAB revealed that a multi-stakeholder committee has been established, comprising representatives from the Bank of Ghana, the GRA, and the ICUMS technical team.
The committee’s mandate includes reviewing the current IDF procedures, identifying systemic weaknesses, and proposing coordinated measures to enhance transparency and accountability across the trade finance system.
The Association also clarified confusion surrounding the widely discussed $200,000 transaction threshold.
It explained that this threshold only applies to customers who have not yet presented full import documentation at the time of payment.
Importers who provide verified IDFs and supporting documents are permitted to process transactions exceeding that limit, consistent with existing regulatory frameworks.
