NPP-Linked Patriotic Institute Defends Gold-for-Oil Programme Against IMANI’s “Leakage” Claims
The Patriotic Institute, a policy think tank affiliated with the New Patriotic Party (NPP), has rejected allegations by IMANI Africa that Ghana’s Gold-for-Oil (G4O) programme suffered from financial leakages amounting to GH¢7.2 billion.
In a detailed statement, the Institute cited audited financial statements from the Bank of Ghana (BoG) and Bulk Oil Storage and Transportation Company (BOST), disclosures from the National Petroleum Authority (NPA), and statutory reports to refute IMANI’s assertions.
According to the Institute, BOST’s 2024 annual report showed total sales of GH¢12.42 billion from 29 consignments under the G4O programme, all subjected to independent audits. As of December 2024, BOST depots held 27.1 million litres of petroleum products valued at GH¢289.8 million, with no evidence of diversion.
On BOST’s performance, the Institute highlighted that profit after tax nearly doubled to GH¢398 million in 2024 from GH¢208 million in 2023, while net profit margins rose to 30% from 17.7%. Return on assets improved from 9.2% to 15% over the same period.
Defending the programme’s impact on currency stability, the Institute noted that the BoG’s 2024 annual report confirmed the G4O’s role in easing pressure on the cedi by transacting oil imports in gold rather than dollars. It described reported forex support costs of GH¢1.82 billion as liquidity management expenses, not evidence of corruption.
The Institute also stressed that governance safeguards such as quarterly internal audits, BoG-appointed collection and collateral managers, and NPA oversight ensured transparency and accountability.
On sustainability, the statement argued that G4O was conceived as a temporary measure during a period of macroeconomic stress, and was responsibly phased out in 2025 as conditions improved.
“The Gold-for-Oil programme has been misrepresented by IMANI and factually inaccurate, laced with speculations,” the Institute said, urging the public to rely on audited financials and statutory disclosures rather than “speculative claims.”
