The New Patriotic Party (NPP) has refuted allegations by IMANI Africa that Ghana’s Gold-for-Oil (G4O) programme has suffered financial leakages to the tune of GH¢7.2 billion.
In a statement issued by the party dated September 29, the claims were described as misleading and unsupported by verifiable financial records.
“No evidence of diversion or leakage exists. The figure quoted by IMANI is a distortion of audited financial data,” the statement indicated.
According to the NPP, audited reports from the Bank of Ghana (BoG), the Bulk Oil Storage and Transportation Company (BOST), the National Petroleum Authority (NPA), and other statutory disclosures point to the transparency and accountability of the G4O programme.
In presenting its facts, the party explained that BOST’s 2024 Annual Report confirmed that sales under the programme totalled GH¢12.42 billion, covering 29 consignments of imported petroleum products.
It added that all transactions were fully recorded, monitored by the Ghana Audit Service, and audited under International Financial Reporting Standards (IFRS).
Additionally, it stated that as of December 2024, BOST depots held 27.1 million litres of fuel valued at GH¢289.8 million, clearly reflected in inventory records.
The NPP emphasised that these facts invalidate IMANI’s assertions of unaccounted funds.
According to them, the gold for oil programme reduced forex pressure, stabilised the cedi and maintained a consistent fuel supply.