The New Patriotic Party (NPP), through its policy wing, the Patriotic Institute, has strongly rejected recent claims by IMANI Africa that the government’s Gold-for-Oil (G4O) programme suffered a “leakage” of over GH¢7 billion.
In a statement issued on Monday, September 29, 2025, and signed at the party’s headquarters in Accra, the NPP described IMANI’s allegations as misleading and unsupported by audited financial records from state institutions.
According to the party, the 2024 Annual Report of the Bulk Oil Storage and Transportation Company (BOST) shows that sales under the programme totaled GH¢12.42 billion from 29 consignments, all properly audited and accounted for.
At the close of the year, BOST’s depots reportedly held 27.1 million litres of petroleum products valued at GH¢289.8 million, confirming there was no missing stock.
The NPP further argued that BOST’s financial performance improved significantly during the implementation of the programme, posting a profit after tax of GH¢398 million in 2024, nearly double the GH¢208 million recorded in 2023. Return on assets and net profit margins also rose, suggesting operational efficiency rather than the mismanagement alleged by IMANI.
On the question of foreign exchange stability, the party pointed to the Bank of Ghana’s 2024 Annual Report, which confirmed that the programme was designed to reduce dependence on the US dollar for oil imports.
By using gold in transactions, the NPP said, the policy helped ease pressure on the cedi, moderate inflation, and cushion consumers against steep fuel price hikes during a difficult economic period.
Addressing concerns about reported losses at the central bank, the NPP explained that the GH¢1.82 billion cited by IMANI represented liquidity support costs, not misappropriation. It noted that all figures were transparently captured in the Bank of Ghana’s audited financial statements and endorsed by its Board.
The party also highlighted governance and oversight mechanisms, including quarterly audits, the involvement of the Ghana Audit Service, and regulatory checks by the National Petroleum Authority (NPA), which it said guaranteed accountability in the programme’s execution.
Finally, the NPP clarified that the Gold-for-Oil initiative was always intended as a temporary intervention. With improvements in the economy, BOST has since reverted to normal trading practices in 2025, while retaining the gains made under the programme.
The party urged the public to rely on verifiable documents from institutions such as the Ministry of Energy, Bank of Ghana, and BOST, rather than what it described as speculative claims by IMANI.
Read the full statement below:
