A forensic risk assessment has uncovered huge losses and fraud in Ghana’s Gold-for-Oil (G4O) programme. The review revealed fiscal leakages, weak contracts, and systemic governance failures.
On the gold side, lack of agreements between the Bank of Ghana and PMMC encouraged smuggling and price manipulation. On the oil side, GHS 7.5 billion in tax exemptions and poor reconciliation led to an estimated GH¢2 billion loss. Investigators also found offshore assets, money laundering, and links to risky foreign jurisdictions. IMANI Africa and oversight groups are calling for prosecutions, recovery of stolen funds, and stricter audits.
Dr. Ishmael Yamson and Franklin Cudjoe condemned the programme as deliberate exploitation of state resources. The coalition is demanding vessel-by-vessel audits and full publication of all G4O transactions.
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