adverts
Ghana’s controversial Gold-for-Oil (G4O) programme has been rocked by damning findings from a forensic risk assessment, which revealed massive fiscal leakages, systemic fraud, and deliberate governance failures.
The revelations have triggered fierce demands from IMANI Africa and a coalition of oversight institutions for sweeping prosecutions and recovery of stolen revenues.
The assessment — compiled from data sourced from the National Petroleum Authority (NPA), Bulk Oil Storage and Transportation Company (BOST), and Customs — paints a grim picture of opacity and exploitation, exposing how billions of cedis were syphoned through loopholes built into the system.
adverts
Investigators flagged a shocking absence of contracts between the Bank of Ghana and the Precious Minerals Marketing Company (PMMC). This governance gap enabled discretionary exchange rate practices, weak pricing controls, and mandatory gold delivery quotas that pushed miners into smuggling rather than compliance.
The report described the setup as a “deliberate architecture of obfuscation” designed to obscure accountability and protect vested interests.
Adding to the scandal, former BOST officials and an allied company were accused of manipulating the scheme through undisclosed offshore assets, trade-based money laundering, and breaches of fiduciary duty.
On the petroleum front, the report found GH¢7.5 billion worth of import tax exemptions were granted, but reconciliation records were riddled with gaps. The lack of transparent accounting left the state exposed to losses estimated at GH¢2 billion, with BOST controlling cargo allocations without effective oversight.
All international suppliers engaged under the programme were found to have opaque ownership structures tied to high-risk jurisdictions such as Dubai, Cyprus, and Switzerland, raising alarms about illicit financial flows.
The revelations have drawn blistering criticism from respected voices. Dr Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, warned that the findings were “frightening”, insisting that the scandal has worsened Ghana’s fragile economic outlook.
“The people, companies, and institutions involved in this brazen attack on Ghana’s future prosperity should not get away with murder,” he said, calling for ruthless enforcement of accountability.
For IMANI Africa, the report vindicates years of warnings about the G4O programme. Its president, Franklin Cudjoe, minced no words:
“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 send a clear message that such predatory exploitation of public policy will not be tolerated.”
IMANI Vice President, Bright Simons, dismissed the initiative as little more than a smokescreen for 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,” he argued.
The coalition of watchdogs is calling for:
- A vessel-by-vessel and ounce-by-ounce forensic audit.
- Retroactive tax clawbacks.
- Criminal prosecutions of implicated officials and companies.
- Mandatory quarterly publication of all G4O contracts, benchmarks, and reconciliation reports.
They warned that the delay in enforcing accountability would amount to complicity, stressing that Ghana’s credibility in global financial markets was also at stake.
“The Gold-for-Oil programme has exposed Ghana to fiscal erosion and international reputational damage,” the coalition stated. “The time for decisive action is now.”
Click the link Puretvonline.com | WhatsApp Channel to join the WhatsApp channel
GOT A STORY?
Contact/WhatsApp: +233243201960 or manuelnkansah33@gmail.com
