IMANI demands forensic audit of gold-for-oil policy, alleges GH¢7.2bn leakages

Policy think-tank IMANI Africa has called for an immediate and comprehensive forensic audit of Ghana’s Gold-for-Oil (G4O) programme following revelations of alleged systemic fiscal leakages amounting to about GH¢7.2bn and governance failures.

According to IMANI, the findings stem from a confidential international forensic risk assessment that analysed data from the National Petroleum Authority (NPA), the Bulk Oil Storage and Transportation Company (BOST), and the Customs Division. The assessment uncovered what it described as “deliberate corridors” for revenue loss and possible illicit enrichment.

ALSO READ: Team Ken demands sanctions against Wontumi and Abronye over alleged anti-party conduct

The review identified significant weaknesses in the design and implementation of the programme. These included the absence of formal contracts between the Bank of Ghana (BoG) and the Precious Minerals Marketing Company (PMMC), inconsistent application of LBMA pricing standards, weak independent assay oversight, and discretionary foreign exchange practices at the BoG that created room for arbitrage and hidden value transfers. Mandatory gold delivery quotas were also flagged as incentives for smuggling and manipulation of quality.

On the petroleum side, the assessment found that although around GH¢7.5bn in import tax exemptions were lawfully granted, weak downstream reconciliation processes exposed the state to revenue losses of approximately GH¢7.2bn.

ALSO READ: Nalerigu court jails 2 for 10 years over possession of 1,195 boxes of tramadol

The review further pointed to missing documentation, fuel cargoes received at national depots without customs declarations, and BOST’s dominant handling of G4O cargoes as factors heightening diversion risks.

Investigators also alleged that certain international suppliers involved in the scheme had opaque ownership structures and links to sanction-sensitive trading flows and money-laundering networks in jurisdictions such as Dubai, Cyprus, and Switzerland.

A supplementary brief singled out suspected misconduct by former BOST officials and an allied company, highlighting possible undisclosed offshore assets and trade-based money-laundering indicators.

ALSO READ: US reverses visa restrictions on Ghana after diplomatic negotiations

Reacting to the revelations, Dr Ishmael Evans Yamson remarked:

This is one of many initiatives presented as the answer to Ghana’s weak economic performance but that, in reality, are meant to deceive Ghanaians and enable individuals to enrich themselves while worsening the country’s economic troubles. The revelations are frightening and clearly show how some in government have colluded with suspected foreign and local criminal operatives to undermine Ghana’s development.

Franklin Cudjoe, IMANI’s founding president and CEO, added:

This forensic assessment confirms IMANI’s longstanding fears: the G4O 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 forex-stabilisation scheme into a conduit for illicit financial flows and grand corruption.

ALSO READ; ‘20,000 delegates will decide, not 15 MPs’ – Bryan Acheampong tells Dr. Bawumia

In light of these concerns, IMANI has submitted the forensic assessment to the Presidency, the Ghana Revenue Authority, the Auditor-General and relevant law enforcement bodies. The think-tank has urged immediate vessel-by-vessel and ounce-by-ounce audits, retroactive tax assessments, recovery of losses, and prosecutions where necessary.