Gold-for-Oil scheme was built to hide corruption, drain revenues

A forensic risk assessment has concluded that Ghana’s Gold-for-Oil (G4O) programme was deliberately structured to obscure corruption and enable systemic fiscal leakages.

The international review, which analysed data from the National Petroleum Authority, BOST, and Customs, found that the scheme’s weaknesses were not administrative lapses but part of a “deliberate architecture of obfuscation.”

Investigators said this structure allowed hidden transfers of value, untracked petroleum cargoes, and billions in lost revenues.

According to the findings, the gold leg of the programme lacked contracts between the Bank of Ghana and the Precious Minerals Marketing Company, opening the way for discretionary pricing and foreign exchange manipulation.

Analysts noted that this created opportunities for arbitrage, smuggling, and undervaluation of Ghana’s resources.

Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, condemned the revelations.

“The people, companies and institutions involved in this brazen attack on Ghana’s future prosperity should not get away with murder,” he said. “The government must demonstrate resolve to deal ruthlessly with those involved.”

IMANI Africa’s President Franklin Cudjoe said the report confirmed the group’s fears.

“The Gold-for-Oil programme was systematically weaponised against the state,” he argued. “This was not incompetence but a sophisticated conduit for illicit financial flows and grand corruption.”

Bright Simons, IMANI’s honorary Vice President, added that G4O was staged to distract citizens while insiders enriched themselves.

“Millions of dollars flowed into private pockets as politicians reaped PR benefits. There was nothing innovative about it except schemes of distraction.”

The coalition has urged government and oversight agencies to commission a vessel-by-vessel forensic audit, claw back lost revenues, prosecute culpable actors, and publish contracts and reconciliation reports quarterly.

They warn that further delay will deepen fiscal damage and erode public trust.