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Gold for Oil Was Scandalous -IMANI Africa Report
September 29,2025
A forensic investigation by IMANI Africa and Partners has uncovered widespread corruption and governance failures in Ghana's Gold-for-Oil programme, with losses estimated at GH¢2 billion and tax exemptions totaling GH¢7.5 billion granted without proper oversight.
Investigation Reveals Systematic Failures
The multinational forensic risk assessment analyzed data from the National Petroleum Authority, BOST, and Ghana Customs. Investigators describe the programme as having a "deliberate architecture of obfuscation" designed to facilitate theft from state coffers.
The multinational forensic risk assessment analyzed data from the National Petroleum Authority, BOST, and Ghana Customs. Investigators describe the programme as having a "deliberate architecture of obfuscation" designed to facilitate theft from state coffers.
Key Findings
The investigation revealed several critical problems:
- No formal contracts existed between the Bank of Ghana and Precious Minerals Marketing Company
- Weak pricing controls and discretionary exchange rate practices enabled exploitation
- Missing documentation and unchecked tax exemptions totaling GH¢7.5 billion
- Former BOST officials implicated in offshore asset schemes and money laundering
- All international suppliers linked to high-risk jurisdictions including Dubai, Cyprus, and Switzerland
- Opaque ownership structures across all Gold-for-Oil suppliers
The investigation revealed several critical problems:
- No formal contracts existed between the Bank of Ghana and Precious Minerals Marketing Company
- Weak pricing controls and discretionary exchange rate practices enabled exploitation
- Missing documentation and unchecked tax exemptions totaling GH¢7.5 billion
- Former BOST officials implicated in offshore asset schemes and money laundering
- All international suppliers linked to high-risk jurisdictions including Dubai, Cyprus, and Switzerland
- Opaque ownership structures across all Gold-for-Oil suppliers
Gold and Petroleum Components Both Compromised
On the gold side, the absence of proper contracts between key government institutions created loopholes that encouraged smuggling and allowed revenue to slip through weak pricing controls.
The petroleum component proved equally problematic. Despite granting GH¢7.5 billion in import tax exemptions, the government failed to implement transparent reconciliation mechanisms, leaving the state vulnerable to the estimated GH¢2 billion in losses.
On the gold side, the absence of proper contracts between key government institutions created loopholes that encouraged smuggling and allowed revenue to slip through weak pricing controls.
The petroleum component proved equally problematic. Despite granting GH¢7.5 billion in import tax exemptions, the government failed to implement transparent reconciliation mechanisms, leaving the state vulnerable to the estimated GH¢2 billion in losses.
Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, said: "The people, companies and institutions involved in this brazen attack on Ghana's future prosperity should not get away with murder. This is frightening."
Franklin Cudjoe, President of IMANI Africa, stated: "This forensic assessment confirms IMANI's longstanding fears: the Gold-for-Oil programme was systematically weaponised against the state. Ghana must now pursue uncompromising forensic audits and criminal prosecutions—not just to recover stolen billions, but to show that such predatory exploitation of public policy will no longer be tolerated."
Bright Simons, IMANI's Vice President, described the programme as political theater designed to mask corruption: "The grand pageantry around a very simple idea was done purely to hide shady underhand dealings. Millions of dollars flowed into private pockets while politicians reaped PR benefits."
Dr. Ishmael Evans Yamson, Chairman of Ishmael Yamson & Associates, said: "The people, companies and institutions involved in this brazen attack on Ghana's future prosperity should not get away with murder. This is frightening."
Franklin Cudjoe, President of IMANI Africa, stated: "This forensic assessment confirms IMANI's longstanding fears: the Gold-for-Oil programme was systematically weaponised against the state. Ghana must now pursue uncompromising forensic audits and criminal prosecutions—not just to recover stolen billions, but to show that such predatory exploitation of public policy will no longer be tolerated."
Bright Simons, IMANI's Vice President, described the programme as political theater designed to mask corruption: "The grand pageantry around a very simple idea was done purely to hide shady underhand dealings. Millions of dollars flowed into private pockets while politicians reaped PR benefits."
IMANI Africa and oversight bodies are demanding:
- Vessel-by-vessel and ounce-by-ounce forensic audit of all Gold-for-Oil transactions
- Criminal prosecutions of all individuals and entities involved in the fraud
- Retroactive tax clawbacks to recover lost revenue
- Mandatory quarterly publication of all contracts, benchmarks, and reconciliation reports
- Immediate enforcement of accountability measures
The coalition warned that any delay in enforcing accountability would amount to complicity in the fraud. The investigation has raised concerns about Ghana's fiscal stability and international reputation.
IMANI Africa and oversight bodies are demanding:
- Vessel-by-vessel and ounce-by-ounce forensic audit of all Gold-for-Oil transactions
- Criminal prosecutions of all individuals and entities involved in the fraud
- Retroactive tax clawbacks to recover lost revenue
- Mandatory quarterly publication of all contracts, benchmarks, and reconciliation reports
- Immediate enforcement of accountability measures
The coalition warned that any delay in enforcing accountability would amount to complicity in the fraud. The investigation has raised concerns about Ghana's fiscal stability and international reputation.
