The Ghana Association of Banks (GAB) has clarified that commercial banks in the country do not generate or issue Import Declaration Forms (IDFs).
The explanation follows recent media reports suggesting irregularities in the process.
In a statement, the Association said the IDF is a Customs document created and managed by the Ghana Revenue Authority (GRA) through the Integrated Customs Management System (ICUMS), stressing that banks only facilitate legitimate trade payments for importers in line with Bank of Ghana and GRA guidelines.
According to GAB, some banks have detected instances where importers use IDFs to initiate advance payments for imports but later generate new forms without the knowledge of the banks involved, often in an attempt to under-invoice or evade customs duties.
The Association said banks take immediate remedial measures, including suspending further advance payments for affected customers until all relevant documentation is verified.
However, it noted that some importers use accounts at multiple banks to continue such transactions, creating a system-wide loophole beyond the control of any single institution.
GAB explained that the industry, working with the Bank of Ghana, GRA, and ICUMS, has set up a multi-stakeholder committee to review the IDF process, identify gaps, and recommend coordinated solutions to close the loopholes.
The Association also clarified that the USD 200,000 transaction threshold applies only to customers without full import documentation at the time of payment. Importers with verified documents can process transactions exceeding that amount in line with regulatory provisions.
GAB reaffirmed the banking sector’s commitment to regulatory compliance and integrity, stressing that the alleged irregularities stem from systemic misuse of IDFs by some importers and not from banks.
“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 Chief Executive Officer John Awuah noted.
The Ghana Association of Banks says it remains committed to working with regulators to protect the integrity of Ghana’s financial and international trade systems.