Gold for Oil Programme: If wrongdoing is found, let the law take its course – Former BOST MD

A former Managing Director of the Bulk Oil Storage and Transportation Company (BOST), Dr Edwin Provencal, has stated that he is not opposed to any lawful investigation into the Gold-for-Oil (G4O) programme, emphasising that due process should be applied if any untoward findings are uncovered.

Responding to a forensic risk assessment report by policy think tank IMANI Africa, which alleged systemic fraud, fiscal leakages, and governance failures in the initiative, Dr Provencal insisted the programme was managed with transparency but welcomed any independent probe.

In an interview on Joy FM’s Middaynews on Monday, September 29, he said: “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.”

IMANI Africa, supported by a coalition of oversight bodies, has recommended urgent prosecutions and recovery of alleged stolen funds, citing what it calls structural loopholes and weak oversight in the management of both the oil and gold aspects of the deal.

But Dr Provencal pushed back, pointing to official audits from BOST and the Bank of Ghana, which, in his view, demonstrate accountability.

He argued that while critics claim there was a GH¢7.2 billion leakage, the facts tell a different story.

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