The New Patriotic Party (NPP), through its policy arm, the Patriotic Institute, has rejected claims by IMANI Africa that the Government’s Gold-for-Oil (G40) programme experienced financial “leakages” amounting to GH₵7.2 billion.
In a statement released on September 29, 2025, the party described IMANI’s allegations as a “misrepresentation of audited financial data,” citing the 2024 audited reports of the Bank of Ghana (BoG), the Bulk Oil Storage and Transportation Company (BOST), and the National Petroleum Authority (NPA).
According to the NPP, all G40 transactions were fully accounted for. BOST’s 2024 Annual Report confirmed GH₵12.42 billion in sales from 29 fuel import consignments.
The report also showed that BOST’s profit after tax nearly doubled from GH₵208 million in 2023 to GH₵398 million in 2024, alongside improved efficiency indicators.
The party further stated that the G40 programme helped reduce pressure on the cedi by transacting oil purchases in gold, stabilising forex markets and fuel prices.
It clarified that BoG’s reported GH₵1.82 billion forex support costs were transparent liquidity measures, not fund diversions.
The NPP emphasised that the G40 initiative was always intended as a temporary emergency measure, responsibly phased out in 2025 as economic conditions improved.
“We urge the public to rely on audited financial statements and statutory reports rather than speculative claims,” the statement concluded.
Source: AdomOnline
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