IMANI Demands Prosecution Over “Weaponised” Gold-for-Oil Scheme

Ghana’s controversial Gold-for-Oil (G4O) programme is under intense scrutiny following a forensic risk assessment that uncovered deep-seated fiscal leakages, systemic fraud, and governance failures.

The damning report—drawing on data from the National Petroleum Authority (NPA), Bulk Oil Storage and Transport (BOST), and the Customs Division—has prompted strong calls from IMANI Africa and other civil society groups for urgent prosecutions and recovery of lost revenues.

Alarming Findings

Investigators revealed structural loopholes that enabled massive revenue losses on both the gold and petroleum sides of the deal.

• Gold Transactions:

  • No formal contracts existed between the Bank of Ghana and the Precious Minerals Marketing Company (PMMC), creating opportunities for weak pricing controls, arbitrary exchange rates, and manipulated delivery quotas that encouraged gold smuggling.

  • The report described the system as a “deliberate architecture of obfuscation”—an intentional design to hide leakages and frustrate accountability.

• Petroleum Deals:

  • Government granted tax exemptions worth GHS 7.5 billion, but a lack of transparent reconciliation processes left the state exposed to GHS 2.2 billion in potential revenue losses.

  • Missing records, unchecked exemptions, and BOST’s dominant control over cargoes compounded the risks.

  • All international suppliers were found to have opaque ownership structures linked to high-risk jurisdictions including Dubai, Cyprus, and Switzerland.

The probe also flagged former BOST officials and a partner company for allegedly using offshore assets, trade-based money laundering, and fiduciary breaches to exploit the programme.

IMANI’s Call to Action

IMANI Africa described the findings as proof that the G4O policy was “weaponised against the public interest.” The think tank is demanding:

• Immediate prosecution of officials implicated in the scheme

• Full recovery of lost revenues

• Strengthened oversight mechanisms to prevent future abuse

“This is not just a case of poor management; it is an organised scheme to defraud the state,” an IMANI spokesperson said.

The government is yet to formally respond to the report, but pressure from civil society is mounting for swift legal and regulatory action to protect public resources.