A forensic risk assessment of Ghana’s Gold-for-Oil (G4O) program has uncovered significant fiscal leakages, systemic fraud, and governance failures. This has led to strong demands from IMANI Africa and a coalition of oversight institutions for immediate prosecution and recovery of misappropriated funds. The multinational review, which utilised data from the National Petroleum Authority, BOST, and Customs, revealed a pattern of opacity, preferential access, and structural loopholes that facilitated substantial revenue loss.
In relation to the gold aspect of the program, investigators discovered that there were no contracts between the Bank of Ghana and the Precious Minerals Marketing Company. This lack of agreements resulted in weak pricing controls, discretionary exchange rate practices, and mandatory delivery quotas, which in turn encouraged smuggling.
The report described the system as a “deliberate architecture of obfuscation” designed to conceal leakage and frustrate accountability. Serious concerns were also raised about former BOST officials and an allied company accused of exploiting the scheme through undisclosed offshore assets, trade-based money laundering, and breaches of fiduciary duty.
The petroleum leg of the programme was no less troubling. While GHS 7.5 billion in import tax exemptions were granted, the absence of transparent reconciliation downstream left the state exposed to revenue losses estimated at GH¢.2 billion. Investigators cited missing documentation, unchecked exemptions, and BOST’s dominant role in controlling cargoes.
The assessment revealed that all international suppliers involved in the G4O scheme had unclear ownership structures and were linked to high-risk jurisdictions such as Dubai, Cyprus, and Switzerland. Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, condemned these findings as “frightening,” warning that the scheme only worsened Ghana’s economic crisis.
“The people, companies, and institutions involved in this blatant attack on Ghana’s future prosperity should not escape punishment,” he stated, urging decisive action against all those responsible.
IMANI’s President, Franklin Cudjoe, was even blunter.
“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 show that such predatory exploitation of public policy will no longer be tolerated.”
Bright Simons, IMANI’s Vice President, described the programme as nothing but political theatre masking corruption. “The grand pageantry around a very simple idea was done purely to hide shady underhanded dealings. Millions of dollars flowed into private pockets while politicians reaped PR benefits. There was nothing innovative about G4O, except the schemes of distraction.”
The coalition is demanding a vessel-by-vessel and ounce-by-ounce forensic audit, criminal prosecutions, retroactive tax clawbacks, and mandatory quarterly publication of all G4O contracts, benchmarks, and reconciliation reports. “The Gold-for-Oil programme has exposed Ghana to fiscal erosion and international reputational damage,” IMANI warned. “Delay in enforcing accountability is complicity. The time for decisive action is now.”
Source: Abubakar Ibrahim
