Policy think tank IMANI Africa, together with a coalition of oversight institutions, is demanding a comprehensive forensic audit and strict enforcement actions after a confidential international forensic risk assessment exposed what it calls “profound fiscal leakages and governance failures” in Ghana’s Gold-for-Oil (G40) programme.
The programme, which was introduced as a strategy to stabilise foreign exchange reserves by bartering gold for petroleum products, has now been described as a conduit for grand corruption and revenue loss.
According to the statement issued on Monday, September 29, 2025, the forensic review triangulated data from the National Petroleum Authority (NPA), Bulk Oil Storage and Transportation Company (BOST), and Customs Division, uncovering “a consistent pattern of opacity, preferential access, and structural loopholes.”
The review found that the gold barter leg of the programme operated without foundational contracts between the Bank of Ghana (BoG) and the Precious Minerals Marketing Company (PMMC). IMANI said this lack of governance opened the door for weak pricing controls, discretionary foreign exchange practices, and market distortions.
“The Bank of Ghana applied discretionary exchange rates, creating opportunities for arbitrage and hidden value transfers,” the statement noted, adding that mandatory gold delivery quotas also incentivised smuggling and quality manipulation.
The assessment further revealed massive revenue losses in the importation of fuel under the scheme. While GHS 7.5 billion in import tax exemptions were lawfully granted, IMANI said the absence of transparent downstream reconciliation left the state exposed to losses estimated at GHS 7.2 billion.
“Cargoes were imported without corresponding BOST receipts, and products were received at national depots without subsequent customs declarations,” the think tank stated.
IMANI Africa’s Founding President and CEO, Franklin Cudjoe, minced no words, describing the programme as “systematically weaponised against the state.”
“This forensic assessment confirms IMANI’s longstanding fears: the Gold-for-Oil programme was not merely flawed by incompetence but systematically weaponised against the state,” Mr. Cudjoe said.
“The convergence of opaque supplier selection, missing audit trails, and deliberate regulatory blind spots has turned a purported foreign exchange stabilisation scheme into a sophisticated conduit for illicit financial flows and grand corruption.”
Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, who also chaired the recently held National Economic Dialogue, said the findings confirm a pattern of programmes being used to enrich a few at the expense of national development.
“This is one of many such initiatives often presented to be the answer to Ghana’s poor economic performance, but in reality, are meant to deceive Ghanaians and make it possible for individuals to enrich themselves,” Dr. Yamson stated. “The people, companies and institutions involved in this brazen attack on Ghana’s future prosperity, should not get away with murder.”
Bright Simons, IMANI Africa’s Honorary Vice President, also argued that the fanfare surrounding the programme was a distraction from its core flaws.
“The grand pageantry around a very simple idea of using forex earned from exporting gold to import refined fuel … was done purely to hide shady underhand dealings,” he said. “That way millions of dollars could flow into private pockets whilst politicians reaped massive PR benefits.”
IMANI and its coalition partners are urging government to:
Commission a full, vessel-by-vessel and ounce-by-ounce forensic audit of the programme.
Recover lost revenues through retroactive tax assessments and prosecute individuals and companies found culpable.
Mandate quarterly publication of all contracts, pricing benchmarks, and reconciliation reports, subject to independent audit.
“The Gold-for-Oil programme has exposed Ghana to significant fiscal erosion and international reputational damage. Delay in enforcing accountability is complicity,” the statement warned.
IMANI said the briefing has been formally lodged with oversight and law enforcement agencies to trigger immediate investigations and enforcement actions.
