Gold for Oil programme caused over GH¢7bn revenue loss — IMANI reveals

A Coalition of Oversight Institutions including IMANI Africa policy think tank, has accused government officials and corporate actors of enabling massive revenue losses in the Gold for Oil (G4O) programme.

The initiative, launched in December 2022, was meant to use Ghana’s gold reserves to pay for petroleum imports and reduce pressure on the cedi.

However, a forensic audit report titled “G4O Audit Alert – Forensic Risk Assessment”, according to the coalition, revealed that weak governance created “deliberate corridors” for tax evasion and illicit enrichment.

According to the report, although about GHS7.5 billion in import tax exemptions were legally granted, the state still lost an estimated GHS7.2 billion because of missing documentation, unchecked exemptions and poor downstream reconciliation.

“The analysis found that while approximately GHS 7.5 billion in import tax exemptions were lawfully granted, the absence of transparent reconciliation downstream has left the state exposed to revenue losses estimated at GHS 7.2 billion,” reads part of IMANI statement dated September 29.

It also cited opaque contracts between the Bank of Ghana and the Precious Minerals Marketing Company, and flagged high-risk international suppliers with links to money-laundering networks.

The coalition is calling for a full forensic audit to trace every gold ounce and fuel cargo, recovery of lost revenues through retroactive tax assessments, and criminal prosecutions of culpable officials and companies.

It also wants quarterly publication of all contracts and independent audits to restore public trust.