The Office of the Special Prosecutor (OSP) has conducted coordinated searches at five major fuel depots as part of an ongoing investigation into alleged irregularities in Ghana’s petroleum downstream sector.

The operation led to the seizure of documents and electronic materials linked to suspected under-declaration of petroleum imports and falsification of product types.

According to findings referenced in the OSP’s second half-year report, one Bulk Oil Distribution Company and 16 Oil Marketing Companies (OMCs) were implicated in the diversion of condensate and marine gasoil.

The report indicates that about GHS8.5 million has so far been recovered in connection with the activities.

The investigation points to a broader pattern of alleged infractions within the sector, including tax evasion and manipulation of product classifications during depot transfers.

Industry observers say the scale of the alleged activities suggests significant financial implications for the state.

Estimates indicate that Ghana could be losing up to GHS2 billion annually through tax-related leakages in the petroleum downstream, while about GHS680 million spent each year on premix fuel subsidies may not fully reach intended beneficiaries.

Preliminary findings from the OSP further suggest the possibility of coordinated actions involving some industry players and officials within regulatory and state institutions, including the National Petroleum Authority (NPA), Ghana Revenue Authority (GRA), and the National Security Secretariat

 These alleged collaborations are said to facilitate misreporting and illicit financial flows.

Meanwhile, the Centre for Environmental Management and Sustainable Energy (CEMSE) has described the revelations as concerning and indicative of systemic challenges within the sector.

Its Executive Director, Benjamin Nsiah, indicated that the organisation, together with the Institute of Energy Policy and Research, plans to launch a public accountability campaign in the coming weeks.

The OSP says investigations are ongoing, and further actions will depend on the outcome of the probe.