A forensic risk assessment of Ghana’s much-touted Gold-for-Oil (G4O) initiative has uncovered massive financial leakages, entrenched fraud, and glaring governance lapses—triggering loud calls from IMANI Africa and allied oversight groups for swift prosecutions and recovery of stolen state funds.
The multinational probe, which drew on records from the National Petroleum Authority (NPA), Bulk Oil Storage and Transportation Company (BOST), and Customs, painted a disturbing picture of opacity, preferential treatment, and loopholes that bled the state of huge revenues.
On the gold front, investigators discovered there were no binding contracts between the Bank of Ghana and the Precious Minerals Marketing Company (PMMC). This gap, they said, opened the door for weak pricing controls, arbitrary exchange rate practices, and rigid delivery quotas that only encouraged smuggling.
The report described the arrangement as a “deliberate architecture of obfuscation”—a system designed to hide leakages and frustrate accountability.
The petroleum leg was no better. While government granted import tax exemptions worth GHS 7.5 billion, the absence of transparent reconciliation downstream left the state exposed to losses estimated at GH¢2 billion. Investigators flagged missing paperwork, unchecked exemptions, and BOST’s overbearing control of cargoes.
Even more worrying, all international suppliers under the G4O scheme were found to have shadowy ownership structures, with links to high-risk jurisdictions including Dubai, Cyprus, and Switzerland.
The report also raised red flags about former BOST officials and an allied company accused of exploiting the scheme through undeclared offshore assets, trade-based money laundering, and breaches of fiduciary duty.
Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, did not mince words, describing the revelations as “frightening.”
“The people, companies and institutions involved in this brazen attack on Ghana’s future prosperity should not get away with murder,” he charged, urging ruthless action against all culprits.
IMANI Africa’s President, Franklin Cudjoe, was even more direct:
“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.”
His Vice President, Bright Simons, dismissed the entire programme 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 of oversight bodies is now 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.
In a strongly worded statement, IMANI warned:
“The Gold-for-Oil programme has exposed Ghana to fiscal erosion and international reputational damage. Delay in enforcing accountability is complicity. The time for decisive action is now.”
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