A confidential international forensic risk assessment of Ghana’s Gold-for-Oil (G4O) programme has exposed systemic governance failures and “profound fiscal leakages,” prompting a coalition led by IMANI Africa to demand immediate criminal investigations and recovery of lost state revenue.
According to a statement issued by Imani Africa, the review, which analyzed data from the National Petroleum Authority (NPA), BOST, and Customs, concludes that the initiative, intended to stabilize foreign exchange, was compromised by a “deliberate architecture of obfuscation” designed to conceal revenue loss and enable potential illicit enrichment.
Core Findings: Governance Collapse and Arbitrage
The assessment highlighted a fundamental breakdown in the gold barter process. The statement explained that the gold leg of the programme operated without foundational contracts between the Bank of Ghana (BoG) and the Precious Minerals Marketing Company (PMMC), creating a vast governance vacuum. Furthermore, auditors found inconsistent application of the London Bullion Market Association (LBMA) pricing and the use of discretionary exchange rates by the Bank of Ghana. IMANI analysts argue these practices created “opportunities for arbitrage and hidden value transfers,” diverting the true value of Ghana’s gold away from the state. The report also flagged all international suppliers selected for the G4O programme for exhibiting serious due diligence concerns, including opaque ownership structures and links to sanction-sensitive trading flows and money-laundering networks in high-risk jurisdictions.
Systemic Revenue Leakage in Fuel Imports
The forensic analysis points to massive losses on the fuel import side, despite approximately GH¢ 7.5 billion in lawful tax exemptions being granted. The assessment estimates that the state remains exposed to revenue losses of up to GH¢ 7.2 billion due to the absence of transparent reconciliation downstream. Critical anomalies were identified, including cargoes being imported without corresponding BOST receipts and products received at national depots without subsequent customs declarations. This failure to track fuel after initial tax exemption effectively transformed a deferred tax liability into a permanent fiscal loss. Furthermore, an accompanying investigative brief points to “specific, serious concerns” regarding the conduct of former BOST officials and an allied company, suggesting they were the “central architects of a scheme that exploited the G4O programme.”
Calls for Uncompromising Action
The findings have elicited strong condemnation from oversight leaders. Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, lamented the revelations and called on government to act on the findings indicating that “the people, companies and institutions involved in this brazen attack on Ghana’s future prosperity, should not get away with murder. The government must demonstrate the resolve to deal ruthlessly with all those involved, if the resetting Ghana agenda must succeed.”
Franklin Cudjoe, President of IMANI Africa, was unequivocal in his assessment: “The Gold-for-Oil programme was not merely flawed by incompetence but systematically weaponised against the state… The convergence of opaque supplier selection, missing audit trails, and deliberate regulatory blind spots has turned a purported foreign exchange stabilisation scheme into a sophisticated conduit for illicit financial flows and grand corruption.”
Recommendations for Accountability
In response to the severe findings, IMANI Africa has called for an urgent action. The coalition recommends a Comprehensive Forensic Audit, a full, ounce-by-ounce and vessel-by-vessel audit to trace the entire G4O chain. They also demand Clawbacks and Criminal Prosecutions, specifically immediate steps to recover lost revenues and pursue criminal prosecution of culpable individuals and companies under anti-money laundering laws. Finally, they call for Transparency Reform, mandating the quarterly publication of all contracts, pricing benchmarks, and reconciliation reports.
