Former Managing Director of the Bulk Oil Storage and Transportation Company (BOST), Dr. Edwin Provencal, has rejected claims that Ghana’s Gold-for-Oil (G4O) programme was marred by fraud and fiscal leakages.

His comments follow a forensic risk assessment by policy think tank IMANI Africa, which alleged that the initiative was riddled with governance failures, weak pricing controls, and significant revenue losses. The report, backed by a coalition of oversight institutions, has called for urgent prosecutions and recovery of what it described as stolen state resources.

Speaking on Joy FM’s Midday News on Monday, September 29, Dr. Provencal insisted the programme was implemented with strong governance structures and full transparency.“The Gold-for-Oil initiative was run very transparently and in line with corporate governance practices. This is evident in the audit reports of BOST and the Bank of Ghana,” he said.

Responding directly to IMANI’s claims, Dr. Provencal denied assertions of tax exemptions and revenue losses.

“I heard you talk about tax exemption on oil. There’s no tax exemption on oil. Taxes and margins are determined by the National Petroleum Authority (NPA) before reaching the consumer. So I wonder where the idea of exemptions came from—it really boggles my mind,” he noted.

On reports of a GH¢7.2 billion leakage, he pointed to the company’s financial statements:

“BOST made a profit of GH¢400 million as stated in our audited account. The Bank of Ghana also reported some forex and other losses in its audited financial report. These are the facts,” he stressed.

Dr. Provencal further outlined safeguards within the G4O programme, explaining that the Bank of Ghana appointed the Consolidated Bank Ghana (CBG) as the collection bank and another institution as the collateral manager.

“No product could be lifted without the explicit approval of these two entities under the supervision of the Bank of Ghana,” he explained.

When asked about IMANI’s recommendation that he face prosecution, Dr. Provencal said he welcomed any lawful investigation but remained confident in the programme’s integrity.

“If there are untoward findings, the law should proceed. But I believe the programme—from the Ministry of Energy through to BOST as an agent for the Bank of Ghana—was very transparent,” he maintained.