‘Kickback’ Scheme, Monumental Losses and Abuse of Processes.
A shocking new report by The New Republic exposes a web of corruption and incompetence at the heart of the Nana Akufo-Addo/Mahamudu Bawumia administration, revealing how the state-sponsored scheme, ‘Gold For Oil’ allegedly bled the nation dry.
At the center of the storm is a monumental financial loss of GH¢2.137 billion from the now-scrapped Gold for Oil (G4O) programme, a staggering debt that sources say is directly linked to an illicit kickback scheme orchestrated by the country’s Vice President, Dr. Mahamoud Bawumiah.
The scandal involved, BOST, NPA and some owners of BDCs aligned to the regime and middle men, (to be named subsiquently)
The New Republic can exclusively reveal that the monumental loss was not a result of market forces, but rather a deliberate policy of indiscriminate discounts on petroleum products, with the proceeds allegedly funneled into private pockets.
A courageous whistleblower, a key member of the Bulk Distributing Companies (BDCs), paid a heavy price for exposing this brazen theft.
Our sources confirm that after the businessman stumbled upon and circulated an email detailing the kickback scheme, Dr. Bawumia himself deployed the National Intelligence Bureau (NIB) to silence him, a move that harks back to the dark days of political repression.
The whistleblower’s damning email reportedly revealed that an “extra fee” was being charged on every litre of petroleum, a surcharge that was not for the benefit of the state but was instead funneled directly to Dr. Bawumia and cronies as a kickback.
This scheme, designed to enrich a few at the expense of millions, is now believed to be the primary reason for the devastating financial blackhole.
The G4O program was terminated on March 13, 2025, not because it was a flawed policy, but because the blatant siphoning of funds made it financially unsustainable.
Bank of Ghana (BoG) records, leaked to this paper, show the breakdown of the financial ruin: a loss of GH¢317 million in 2023, which ballooned to a jaw-dropping GH¢1.82 billion in 2024.
This cumulative loss of over GH¢2.1 billion represents a mind-boggling 45% of the total GH¢4.69 billion the BoG committed to the program.
The alleged kickback scheme is an indictment of the Akufo Addo/ Bawumiah government, echoing a similar scandal during the former President John Agyekum Kufuor’s administration.
Further evidence, including a leaked NPA document and a BOST invoice, paints a clear picture of how the scam was executed.
The NPA, while determining fuel prices, consistently added a significant “margin” between the ex-refinery and ex-pump prices. For example, a litre of petrol priced at GHS10.21 at the refinery was sold at GHS13.48 at the pump.
This unexplained margin, along with the indiscriminate issuance of discounts, is now believed to be the vehicle for the illicit payments.
The New Republic can confirm that the G4O program, which was initiated under the guise of stabilizing the Cedi, was instead a sophisticated money-laundering operation that left the nation with a staggering debt and exposed the rot at the highest levels of power.
The arrest of the whistleblower confirms that the government is more interested in covering up its crimes than in serving the people.
This monumental loss is a betrayal of public trust, and those responsible must be brought to justice. TNR brings exclusive report on how the Vice President and some prominent figures used the Gold For Oil scheme to siphoned Billions from the public purse