Dr. Edwin Provencal, the former Managing Director of the Bulk Oil Storage and Transportation Company (BOST), has categorically dismissed claims that insufficient due diligence was conducted in the selection of partners for the government’s Gold-for-Oil (G4O) programme.
In a proactive move to address concerns, Dr. Provencal expressed his unequivocal willingness to subject himself to any comprehensive probe aimed at resolving any doubts or suspicions surrounding the initiative.
His statement comes in response to a recent forensic risk assessment report released by the policy think tank IMANI Africa. The report alleged systemic fraud, significant fiscal leakages, and governance failures within the G4O programme. Specifically, it raised concerns about former BOST officials and a partner company, accusing them of exploiting the initiative through the use of offshore assets, trade-based money laundering, and breaches of fiduciary duty.
The IMANI report further indicated that all international suppliers involved in the scheme had opaque ownership structures linked to high-risk jurisdictions, including Dubai, Cyprus, and Switzerland.
Reacting to the findings, Dr. Provencal affirmed his support for any forensic audit or inquiry into the initiative. However, he strongly refuted the claims of wrongdoing, asserting that BOST, under his leadership, was already subject to a rigorous series of investigations and financial audits, making the allegations of impropriety untenable.
Speaking in an interview with Kwabena Agyapong on Frontline on Rainbow Radio 87.5FM, Dr. Provencal stated:
“Any concerned citizen who harbors suspicions about certain initiatives is fully entitled to conduct a forensic audit, and that is acceptable. However, a holistic examination of the entities involved—including the Bank of Ghana (BoG), the National Petroleum Authority (NPA), and BOST—shows that they have all conducted audits, and these findings have been made public. BOST published its Annual General Meeting (AGM) findings, which announced a profit of GHS400 million. Therefore, the claims in this new report are quite surprising. We have existing audits, and if any losses or wrongdoing had occurred at any point, they would have certainly been captured.”
He insisted that due diligence in partner selection was meticulously executed. “The Financial Intelligence Centre conducted due diligence, which was followed by further due diligence by the Bank of Ghana before these partners were officially onboarded onto the programme.”
Dr. Provencal further assured the host that all petroleum products brought into the country were fully traceable and accounted for, thus eliminating the possibility of any impropriety.
He stressed that had the products been unaccounted for, the Auditor General and the Bank of Ghana would have flagged the issue during their respective audits of BOST.
He elaborated that the Ghana Revenue Authority (GRA) and the NPA were specifically tasked with ensuring that all applicable taxes and levies on every product sold were accounted for through transparent mechanisms, thereby preventing any form of leakage.
“The Gold-for-Oil initiative was implemented with complete transparency, and I am therefore puzzled by the report alleging wrongdoing. I remain fully prepared for any audit that may be conducted,” he concluded.
By: Rainbowradioonline.com/Ghana
