A banking and financial consultant, Dr. Richmond Atuahene, has called on President John Mahama to establish a Commission of Enquiry to investigate the alleged $42 billion “Phantom Shipment” scandal.
Dr. Atuahene says the saga exposes a major breakdown in Ghana’s fight against money laundering and illicit financial flows.
In his research paper titled “Rising ML/CFT Concerns: Have Ghanaian Banks Failed as Primary Gatekeepers Against Cankers?” copied to The High Street Journal, Dr. Atuahene argues that the magnitude of the scandal, where huge sums of foreign exchange were transferred out of the country for imports that never arrived, demands an urgent, independent, and forensic audit.
The Phantom Shipment Scandal
Speaking during his maiden media encounter on September 10, 2025, President Mahama revealed that between 2020 and 2025, about $42 billion left Ghana’s financial system without any corresponding imports. These so-called “phantom shipments” were transactions backed by fake shipping documents that created the illusion of trade, when in reality, no goods arrived at the ports.
According to Dr. Atuahene, the fraudulent transactions were facilitated through commercial banks, the very institutions expected to serve as the first line of defense against money laundering and terrorist financing. To him, this revelation validates that Ghanaian banks have abdicated their roles as primary gatekeepers in the fight against money laundering and terrorist financing,” he wrote.
Banks Under Scrutiny
The financial and banking consultant blames the scandal on a mix of inadequate training, weak internal controls, and poor regulatory oversight. He noted that many bank officials lack the cross-disciplinary expertise needed to detect suspicious trade transactions, while outdated, paper-based systems make it easy for criminals to falsify invoices, bills of lading, and import declarations.
He explains that trade-based money laundering requires both financial compliance knowledge and a deep understanding of international trade practices. Unfortunately, he observes that some bank staff do not have this skillset, making it difficult to spot red flags such as unusual pricing or questionable commodity types.
Dr. Atuahene’s research also highlights systemic weaknesses at the regulatory level. Weak supervision, he said, has allowed financial institutions to operate with lax anti-money laundering (AML) and counter-financing of terrorism (CFT) controls. In some cases, compliance units were under-resourced, poorly managed, or riddled with high staff turnover.
Billions in Lost Revenue
Citing a report by the Business and Financial Times (B&FT), Dr. Atuahene revealed that Ghana lost over GHS 22.6 billion in tax revenue between April 2020 and August 2025 due to under-declared imports and unverified foreign exchange transfers tied to Import Declaration Forms.
These losses, he warned, reflect the deep-rooted economic cost of regulatory negligence and financial indiscipline.
The massive illicit flows have drained foreign reserves, worsened cedi depreciation, and pushed inflation higher. He further emphasized that this isn’t just a financial crime, it’s an economic threat.”
Call for a Forensic Audit
Dr. Atuahene maintains that the $42 billion phantom shipment is not an issue that should be treated with kid gloves. He is therefore urging President Mahama, in consultation with the Finance Minister and the Bank of Ghana, to establish a high-powered Commission of Enquiry to conduct forensic audits into both the $42 billion phantom shipment transactions and the related GHS 22.6 billion revenue loss.
The Commission, he said, should make concrete recommendations to help recover lost funds, strengthen regulatory oversight, and rebuild confidence in the financial system.
This enquiry, he says, should not be about just about the culprits, it should also be about restoring the integrity of Ghana’s banking system and ensuring that our financial institutions once again become strong, trustworthy gatekeepers, and not conduits for illicit flows.
“His Excellency President John Mahama in consultation with Minister of Finance and Bank of Ghana to appoint Commission of Enquiry to conduct forensic audits in the US$ 42 billion Phantom Shipment and BFT GHS22.6 which led to the loss of revenue to the state through the Phantom imports over past five years and to make appropriate recommendations to the state and the regulator,” he noted as part of recommendations.
If acted upon, Dr. Atuahene’s call could mark the beginning of one of Ghana’s most sweeping financial investigations.
