A new forensic risk assessment of Ghana’s flagship Gold-for-Oil (G4O) programme has uncovered sweeping governance failures, systemic fiscal leakages, and potential illicit financial flows.
The confidential international review, which drew on authoritative data from the National Petroleum Authority (NPA), Bulk Oil Storage and Transportation Company (BOST), and the Customs Division, reveals that the programme was deliberately structured to enable revenue losses and shield corrupt practices from scrutiny.
In response, IMANI Africa, alongside a coalition of oversight institutions, has called for an immediate, comprehensive forensic audit, the recovery of lost revenues, and the prosecution of culpable actors.
Key Revelations
Governance Breakdown in Gold Barter: No foundational contracts existed between the Bank of Ghana and Precious Minerals Marketing Company, allowing discretionary foreign exchange practices, weak pricing controls, and incentives for smuggling.
Revenue Leakages in Fuel Imports: Ghana is exposed to an estimated GHS 7.2 billion in fiscal losses due to missing documentation, unchecked exemptions, and BOST’s dominant role.
High-Risk International Suppliers: Selected trading companies were flagged for opaque ownership, sanction-sensitive flows, and money laundering risks.
IMANI’s Founding President, Franklin Cudjoe, emphasised that the programme was “systematically weaponised against the state,” while IMANI Vice President Bright Simons characterised G4O as “state enchantment” — a scheme that disguised corruption behind political pageantry.
The coalition is urging the Government, Ghana Revenue Authority, Auditor-General, and law enforcement agencies to enforce accountability without delay, warning that inaction would amount to complicity.
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By: Rainbowradioonline.com/Ghana
