Ghana to stop Gold-for-Oil Deal Over Lack Of Transparency

Energy Minister John Abdulai Jinapor has expressed concerns over the lack of transparency within the Gold-for-Oil (G4O) programme, labelling it opaque and unclear for future continuation.
During an interview on Joy News’ PM Express on Tuesday, February 4, he emphasized that the current system is flawed and requires replacement with a more transparent alternative. Jinapor pointed out that the programme’s opacity has been flagged by the Auditor-General, a move that underscores the need for reform.
The Gold-for-Oil initiative, which exchanges Ghana’s gold reserves for petroleum products, has attracted significant criticism for its perceived lack of transparency. Concerns have been raised regarding the programme’s operational framework, particularly the absence of publicly available information on transactions and the process by which companies are selected to participate. Jinapor acknowledged the existence of irregularities, as highlighted by the Auditor-General’s report, and indicated that the current administration is committed to overhauling the programme in favour of a more accountable system.
When questioned about the continuation of the Gold-for-Oil programme, Jinapor confirmed that it would be replaced with a more effective and transparent system. He noted that dismantling the existing framework would take time, requiring parliamentary approval and legal proceedings. While efforts are being made to improve the current system temporarily, Jinapor affirmed that the long-term goal is to establish a new, transparent framework that can better serve the country’s needs.