A forensic risk assessment of Ghana’s Gold-for-Oil (G4O) programme has uncovered staggering fiscal leakages, systemic fraud, and governance failures, prompting fierce calls from IMANI Africa and a coalition of oversight institutions for urgent prosecutions and recovery of stolen revenues.
The multinational review, which drew data from the National Petroleum Authority, BOST, and Customs, exposed a troubling pattern of opacity, preferential access, and structural loopholes that enabled massive revenue losses.
On the gold side of the programme, investigators found that there were no contracts between the Bank of Ghana and the Precious Minerals Marketing Company. This lapse created weak pricing controls, discretionary exchange rate practices, and mandatory delivery quotas that encouraged smuggling.
The report described the system as a “deliberate architecture of obfuscation” designed to conceal leakages and frustrate accountability.
Serious concerns were also raised about former BOST officials and an allied company accused of exploiting the scheme through undisclosed offshore assets, trade-based money laundering, and breaches of fiduciary duty.
The petroleum component of the programme revealed equally alarming findings. Investigators cited missing documentation, unchecked exemptions, and BOST’s dominant role in controlling cargoes. Although GHS 7.5 billion in import tax exemptions were granted, the absence of transparent reconciliation downstream left the state exposed to revenue losses estimated at GH₵2 billion.
The assessment further revealed that all international suppliers involved in the G4O scheme had opaque ownership structures and were linked to high-risk jurisdictions such as Dubai, Cyprus, and Switzerland.
Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, condemned the revelations as “frightening,” warning that the scheme had only deepened Ghana’s economic crisis.
“The people, companies and institutions involved in this brazen attack on Ghana’s future prosperity should not get away with murder,” he said, urging ruthless action against all culprits.
IMANI’s President, Franklin Cudjoe, was even blunter.
“This forensic assessment confirms IMANI’s longstanding fears: the Gold-for-Oil programme was systematically weaponised against the state. Ghana must now pursue uncompromising forensic audits and criminal prosecutions—not just to recover stolen billions, but to show that such predatory exploitation of public policy will no longer be tolerated.”
Bright Simons, IMANI’s Vice President, dismissed the initiative as political theatre masking corruption.
“The grand pageantry around a very simple idea was done purely to hide shady underhand dealings. Millions of dollars flowed into private pockets while politicians reaped PR benefits. There was nothing innovative about G4O, except the schemes of distraction.”
The coalition is demanding a vessel-by-vessel and ounce-by-ounce forensic audit, criminal prosecutions, retroactive tax clawbacks, and mandatory quarterly publication of all G4O contracts, benchmarks, and reconciliation reports.
“The Gold-for-Oil programme has exposed Ghana to fiscal erosion and international reputational damage,” IMANI warned. “Delay in enforcing accountability is complicity. The time for decisive action is now.”
Source: Abubakar Ibrahim
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