IMANI calls for prosecutions after forensic report uncovers Gold-for-Oil irregularities
Former officials of BOST and an associated private firm were also singled out in connection with undisclosed offshore assets, trade-based money laundering, and breaches of fiduciary obligations.
A forensic examination of Ghana’s Gold-for-Oil (G4O) initiative has laid bare extensive financial leakages, structural loopholes, and suspected fraudulent practices prompting IMANI Africa and partner oversight groups to press for immediate prosecutions and recovery of lost funds.
The wide-ranging review, which drew on records from the National Petroleum Authority, Bulk Oil Storage and Transportation Company (BOST), and Customs, painted a troubling picture of opacity, preferential treatment, and weak governance.
On the gold side of the programme, investigators noted a glaring absence of contracts between the Bank of Ghana and the Precious Minerals Marketing Company.
This gap paved the way for lax pricing controls, discretionary foreign exchange practices, and compulsory delivery requirements that created strong incentives for smuggling.
The report characterised the framework as a “deliberate architecture of obfuscation” crafted to mask losses and obstruct transparency.
Former officials of BOST and an associated private firm were also singled out in connection with undisclosed offshore assets, trade-based money laundering, and breaches of fiduciary obligations.
The petroleum component of the programme was found to be equally problematic. Import tax exemptions amounting to GHS 7.5 billion were granted, yet investigators said the lack of clear reconciliation mechanisms in downstream operations left the state facing estimated revenue losses of GH¢2.2 billion.
Among the concerns flagged were missing paperwork, unchecked tax exemptions, and the centralised control of cargoes by BOST.
It also emerged that all foreign suppliers participating in the arrangement were linked to opaque corporate structures in high-risk jurisdictions including Dubai, Cyprus, and Switzerland.
Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, condemned the findings, describing them as “frightening” and a further blow to Ghana’s struggling economy.
“The people, companies and institutions involved in this brazen attack on Ghana’s future prosperity should not get away with murder,” he insisted, calling for uncompromising measures against the culprits.
IMANI Africa’s President, Franklin Cudjoe, echoed this concern, asserting:
“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.”
Vice President of IMANI, Bright Simons, was equally blunt in his assessment.
“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.”
The coalition is pressing for a meticulous vessel-by-vessel and ounce-by-ounce forensic audit, retroactive tax recoveries, criminal accountability for all actors, and mandatory quarterly publication of every G4O contract, pricing benchmark, and reconciliation report.
“The Gold-for-Oil programme has exposed Ghana to fiscal erosion and international reputational damage,” IMANI declared.
“Delay in enforcing accountability is complicity. The time for decisive action is now.”
