By Ashiadey Dotse
Policy think tank IMANI Africa and a coalition of oversight institutions are calling for a full forensic audit and criminal prosecutions after a confidential international review exposed deep governance failures and revenue leakages in Ghana’s Gold-for-Oil (G4O) programme.
In a statement issued on Monday, September 29, 2025, the coalition said the forensic assessment — which analysed data from the National Petroleum Authority (NPA), the Bulk Oil Storage and Transportation Company (BOST), and the Customs Division — found that the programme, which was meant to stabilise foreign exchange reserves, was riddled with loopholes that allowed billions of cedis to leak from state coffers.
According to the report, the gold barter arrangement between the Bank of Ghana (BoG) and the Precious Minerals Marketing Company (PMMC) lacked binding contracts, leaving pricing and exchange rates open to manipulation. The review said this created deliberate opportunities for arbitrage, smuggling, and hidden value transfers.
The probe also revealed that GHS 7.5 billion worth of fuel import tax exemptions were granted under the scheme, but poor tracking systems resulted in estimated revenue losses of GHS 7.2 billion. In addition, all international suppliers selected for the G4O programme were flagged for opaque ownership structures and suspected links to money-laundering networks.
Commenting on the findings, Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, described the revelations as “frightening,” accusing government officials of colluding with local and foreign actors to enrich themselves at the expense of Ghana’s economy. He urged the government to act decisively, saying:
“The people and companies involved in this brazen attack on Ghana’s prosperity should not get away with murder.”
IMANI’s Founding President, Franklin Cudjoe, said the programme had been “systematically weaponised against the state,” while Bright Simons, IMANI’s Honorary Vice President, criticised G4O as a “grand distraction” that enabled shady deals under the guise of economic innovation.
The coalition is demanding three urgent steps:
- A comprehensive forensic audit of every vessel, cargo, and gold transaction under G4O.
- Recovery of lost revenues and prosecution of individuals and companies involved.
- Enforcement of strict transparency measures, including quarterly publication of contracts and audit reports.
“The Gold-for-Oil programme has exposed Ghana to huge fiscal losses and reputational damage. Delay in enforcing accountability is complicity,” IMANI warned in its statement.
The findings have been formally submitted to the Auditor-General, the Ghana Revenue Authority, and law enforcement agencies as the basis for immediate action.
Below is the statement;
