The New Patriotic Party (NPP), through its policy wing, the Patriotic Institute, has strongly rebutted allegations by policy think-tank IMANI Africa t
The New Patriotic Party (NPP), through its policy wing, the Patriotic Institute, has strongly rebutted allegations by policy think-tank IMANI Africa that the government’s flagship Gold-for-Oil (G40) initiative suffered from financial leakages and mismanagement.
In a press release issued on September 29, 2025, the NPP described IMANI’s claims as factually inaccurate, speculative, and misleading.
The party insisted that verifiable evidence from statutory reports, audited financial statements, and disclosures from state agencies including the Bank of Ghana (BoG), the Bulk Oil Storage and Transportation Company (BOST), and the National Petroleum Authority (NPA) prove that the programme was executed transparently and successfully.
Background of the Gold-for-Oil Programme
The G40 programme was introduced by the Akufo-Addo administration in late 2022 as an emergency measure to stabilize Ghana’s struggling foreign exchange market and reduce fuel price volatility. Under the initiative, gold was used to purchase petroleum products directly, bypassing the heavy reliance on the US dollar and easing pressure on the local currency, the cedi.
The policy was designed to curb rising inflation and ensure fuel security at a time when global energy prices and exchange rate pressures were severely straining Ghana’s economy. Critics, however, have consistently questioned its sustainability, accountability, and long-term impact on state finances.
IMANI’s Allegations
In its recent statement, IMANI Africa alleged that nearly GH¢7.2 billion could not be traced under the G40 programme, suggesting possible financial leakage.
The think-tank also questioned BOST’s efficiency, claimed that the policy failed to stabilize the cedi, and cited losses at the Bank of Ghana as evidence of financial mismanagement.
IMANI further argued that the initiative was unsustainable and lacked transparency in its operations.
NPP’s Rebuttal: No Evidence of “Leakage”
Responding to these allegations, the NPP stressed that all transactions under the programme were duly recorded and audited. It pointed to BOST’s 2024 Annual Report, which recorded total sales of GH¢12.42 billion covering 29 consignments of imported fuel.
As of December 2024, the company’s depots reportedly held 27.1 million litres of petroleum products valued at GH¢289.8 million — fully accounted for in inventory records. “There is no evidence of diversion or leakage,” the statement read, describing IMANI’s figures as a misrepresentation of audited data.
Improved Performance at BOST
Contrary to claims of inefficiency, the NPP highlighted that BOST’s financial position strengthened under the programme. The company posted a profit after tax of GH¢398 million in 2024, nearly double the GH¢208 million recorded in 2023. Its net profit margin rose to 30 percent from 17.7 percent, while its return on assets improved to 15 percent from 9.2 percent in the same period.
“These audited results clearly demonstrate operational efficiency and prudent management, contradicting IMANI’s claims of mismanagement,” the party asserted.
Stabilisation of the Cedi
The NPP also defended the programme’s role in easing forex pressure. Citing BoG’s 2024 Annual Report, the party explained that by purchasing oil with gold rather than dollars, the programme reduced reliance on foreign currency, moderated inflationary pressures, and shielded consumers from fuel price volatility during a critical phase of Ghana’s recovery.
Bank of Ghana’s Reported Losses
On IMANI’s interpretation of BoG’s reported losses, the NPP clarified that the GH¢1.82 billion cost reported in 2024 represented forex liquidity support, not mismanagement. This, the party said, was part of BoG’s efforts to stabilize the supply of foreign exchange to facilitate G40 imports.
“All figures were transparently published in the Bank’s audited financial statements and approved by its board. There is no evidence of corruption or diversion of funds,” the release stated.
Governance and Transparency Measures
The NPP emphasized that the G40 programme was subjected to strong governance and oversight mechanisms. It revealed that the Bank of Ghana appointed the Consolidated Bank Ghana (CBG) as a collection bank and DMT as collateral manager. Furthermore, no product reportedly left BOST depots without approval from these agents.
Regular audits, including quarterly internal reviews and independent assessments by the Ghana Audit Service, ensured transparency. The NPA, as regulator, approved the quality, quantity, and prices of all fuel released to the market.
Transition Beyond G40
Addressing IMANI’s argument that the programme was unsustainable, the NPP explained that the initiative was always intended as a short-term intervention. With improved macroeconomic stability in 2025, BOST has already returned to normal procurement practices, while forex stability gains from the programme have been preserved.
“The programme achieved its mandate and was responsibly wound down at the appropriate time,” the party noted.
Conclusion
The NPP concluded its statement by urging the public to rely on verifiable audited financials and statutory disclosures rather than speculative claims. It reiterated that the Gold-for-Oil initiative ensured consistent fuel supply, improved BOST’s performance, eased forex pressure, and stabilized the cedi during a turbulent period.
“All relevant documentation can be procured from the Ministry of Energy, Ministry of Lands and Natural Resources, BoG, CBG, DMT, BOST, NPA, and the Precious Minerals Marketing Company (PMMC),” the release assured.
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