The controversial Gold-for-Oil Program is now under the radar of the Ghana Revenue Authority (GRA) as the authority has pledged to take the necessary actions following a forensic risk assessment report on the initiative conducted by IMANI Africa and its partners.
In an official letter signed by Acting Commissioner-General Anthony Kwasi Sarpong, the GRA acknowledged receipt of IMANI’s detailed report and supporting documents submitted on September 25.
GRA, in its response, described the findings as significant and assured that it is reviewing the data thoroughly to ensure compliance with Ghana’s tax laws and financial regulations.
The authority, therefore, says it will take the necessary actions after reviewing the data supplied by IMANI.
“We welcome the data and fully understand the significance of conducting a thorough investigation into the tax obligations related to this program,” the letter sighted by The High Street noted.
It added, “We are reviewing your document and rest assured that we will take the necessary actions moving forward.”
IMANI Africa and its partners launched an independent forensic audit this year into the Gold-for-Oil deal. The G4O was a flagship initiative introduced by the then government in 2023 to stabilize fuel prices and reduce foreign exchange pressures.
Under the policy, Ghana trades a portion of its gold reserves for imported petroleum products, bypassing the need to spend scarce U.S. dollars. But the program has faced criticism for its opaque financial transactions, alleged lack of parliamentary oversight, and possible revenue risks to the state.
In its audit findings, IMANI raised serious concerns about tax compliance, transparency, and the overall financial integrity of the initiative.
The think tank has called for a forensic review by the GRA to trace any revenue leakages or breaches of the country’s fiscal laws.
The GRA commended IMANI for its “proactive approach and continued collaboration” on matters crucial to the state and the President’s economic reset agenda. The Authority assured that it will take all necessary actions based on the data provided. For now, with the GRA’s commitment to act, eyes are now on how far the Authority will go in uncovering irregularities, if any, within the program.
