Policy think tank IMANI Africa and allied oversight institutions are demanding a sweeping forensic audit and prosecutions after a damning international review exposed massive leakages and governance failures in Ghana’s Gold-for-Oil (G4O) programme.
The confidential assessment, which examined data from the NPA, BOST and Customs, found that the programme—meant to stabilise foreign reserves—was riddled with opaque deals, weak controls, and loopholes that cost the state billions.
Key revelations include the absence of contracts between the Bank of Ghana and the Precious Minerals Marketing Company, discretionary exchange rate practices, and untracked fuel import exemptions. Analysts estimate revenue losses at over GHS 7.2 billion.
The report also flagged international suppliers with opaque ownerships and links to money-laundering networks in Dubai, Cyprus and Switzerland.
IMANI President Franklin Cudjoe described the scheme as “systematically weaponised against the state,” while Vice President Bright Simons called it a “pageantry of deception” to divert public attention.
Dr. Ishmael Evans Yamson, chair of the recent National Economic Dialogue, said the revelations show how officials colluded with foreign actors to enrich themselves at Ghana’s expense, warning that culprits “must not get away with murder.”
The coalition has urged government to order a vessel-by-vessel audit, recover lost revenues through retroactive taxes, and prosecute those involved under money laundering and procurement laws.
“The time for decisive action is now,” IMANI warned, stressing that delay in accountability would make the state complicit.
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