A forensic audit into Ghana’s flagship Gold-for-Oil (G4O) program has exposed widespread corruption, systemic governance failures, and significant revenue losses, prompting civil society watchdog IMANI Africa and its partners to call for urgent prosecutions and full financial recovery. The scandal was revealed through an intensive audit involving data from the National Petroleum Authority, Bulk Oil Storage and Transportation Company Limited (BOST), and the Customs Division.
The independent audit presents an alarming picture of a program riddled with opacity and deliberate evasion of oversight mechanisms.
One of the most serious revelations from the audit was the lack of formal contracts between the Bank of Ghana and the Precious Minerals Marketing Company (PMMC). This contractual vacuum eliminated essential audit controls such as pricing benchmarks, standardized exchange rates, and clear delivery tracking. The audit report accuses state actors of constructing a “deliberate architecture of obfuscation” that rendered independent verification nearly impossible.
BOST Implicated in Petroleum Sector Mismanagement
According to the audit, over GHS 7.5 billion was granted in import tax exemptions with no clear downstream reconciliation or documentation. This lack of an audit trail enabled unchecked allocations and potential manipulation of petroleum cargoes, resulting in estimated revenue losses of more than GHC 2 billion.
BOST is centrally implicated, with the audit highlighting its role in managing imports without sufficient oversight. The report also raises red flags about the ownership of international oil suppliers, many of which were tied to high-risk jurisdictions such as Dubai, Cyprus, and Switzerland.
Offshore Accounts and Trade-Based Money Laundering
In one of the more damning sections, the audit identifies possible trade-based money laundering and illicit offshore activity involving former BOST officials and affiliated private entities. The findings suggest gross breaches of fiduciary duty and outline the use of the G4O programme for personal enrichment.
IMANI Africa’s Call for a Comprehensive Audit and Prosecution
Responding swiftly to the revelations, IMANI Africa, a leading policy think tank is demanding a full-scale audit of all transactions under the G4O programme. President Franklin Cudjoe labeled the scheme as “systematically weaponised against the state,” while IMANI Vice President Bright Simons dismissed the programme as political theatre designed to mask the looting of public resources.
IMANI and its coalition are now demanding:
- A vessel-by-vessel and ounce-by-ounce forensic audit of all transactions.
- Criminal prosecutions for all implicated parties.
- Retroactive tax clawbacks on illegitimate exemptions.
- Mandatory quarterly publication of G4O contracts and performance reports.
