A forensic risk assessment of Ghana’s Gold-for-Oil (G4O) programme has uncovered widespread fiscal mismanagement, systemic fraud, and deep-rooted governance lapses—triggering strong demands from IMANI Africa and its partner oversight institutions for criminal prosecutions and full recovery of lost state revenues.
The multinational audit—drawing data from the National Petroleum Authority (NPA), Bulk Oil Storage and Transportation Company (BOST), and Customs—revealed a troubling pattern of opacity, preferential access, and structural weaknesses that enabled large-scale revenue losses.
Gold-for-Oil Scheme Riddled with Loopholes
On the gold export side, investigators discovered no formal contracts between the Bank of Ghana and the Precious Minerals Marketing Company (PMMC). This absence of oversight allowed for weak pricing mechanisms, arbitrary exchange rates, and mandatory quotas that reportedly encouraged smuggling.
The report described the system as a “deliberate architecture of obfuscation” aimed at concealing financial leakages and blocking public accountability.
Serious allegations were also made against former BOST officials and a related private entity, who were reportedly involved in undisclosed offshore holdings, trade-based money laundering, and breaches of fiduciary duty.
Petroleum Side: Exemptions Without Reconciliation
On the petroleum front, the findings were equally damning. Although the government granted GHS 7.5 billion in import tax exemptions, there was no transparent reconciliation process, resulting in an estimated GHS 2 billion in revenue losses.
The assessment flagged missing documentation, unchecked tax waivers, and the concentration of power in BOST, which controlled key cargo allocations.
High-Risk Suppliers and International Exposure
All international suppliers linked to the G4O scheme reportedly operated through opaque ownership structures and were registered in high-risk jurisdictions such as Dubai, Cyprus, and Switzerland—raising major concerns about due diligence and reputational risk for Ghana.
Calls for Accountability and Reform
Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, described the revelations as “frightening,” warning that the programme has only worsened Ghana’s economic crisis.
“Those behind this brazen attack on Ghana’s future prosperity must be held fully accountable. They should not get away with economic sabotage,” he urged.
IMANI Africa’s President, Franklin Cudjoe, echoed the urgency:
“This forensic analysis validates what we feared all along—G4O was weaponised against the state. Ghana must now pursue tough forensic audits, criminal prosecutions, and full asset recoveries. We cannot allow public policy to be turned into a tool for private enrichment.”
Vice President of IMANI, Bright Simons, went further, calling the programme “political theatre” masking large-scale corruption.
“The elaborate PR around a basic idea was meant to distract. Millions went into private pockets while politicians claimed success. There was nothing innovative about G4O—only creative deception.”
Coalition Demands:
- A vessel-by-vessel and ounce-by-ounce forensic audit
- Criminal prosecutions of all involved parties
- Retroactive tax clawbacks and asset recovery
- Quarterly public disclosure of all G4O contracts, reconciliation reports, and benchmarks
IMANI and its coalition partners concluded that the Gold-for-Oil programme has not only exposed Ghana to severe fiscal losses but also international reputational risk.
