Energy Minister Slams Gold-for-Oil Programme, Plans Overhaul
Energy Minister John Abdulai Jinapor has raised serious concerns over the Gold-for-Oil (G4O) programme, describing it as opaque and lacking transparency, and confirming plans for its discontinuation.
Speaking on Joy News’ PM Express on February 4, 2025, Mr. Jinapor emphasized that the current system is deeply flawed and will be replaced with a more transparent and accountable alternative.
“There’s a high level of opacity, and the clarity is not there,” he stated. “The Auditor-General has flagged it. So it’s not just what we are saying—it is a fact. The reality is that we are reforming all this because of the high level of opacity. If it were that clear, and was that transparent, and you could see everything easily, then you would not even need the reforms we are pursuing.”
Gold-for-Oil Under Scrutiny
The Gold-for-Oil programme, introduced as a strategy to leverage Ghana’s gold reserves in exchange for petroleum products, has been heavily criticized for its lack of publicly available information regarding key transactions and the selection process for participating companies.
The Auditor-General’s report, which flagged several irregularities, has intensified calls for greater accountability and structural reforms. Critics argue that offshore dealings under the programme have been shrouded in secrecy, making it difficult to trace transactions or determine the effectiveness of the initiative.
New Administration to Scrap G4O
Mr. Jinapor made it clear that the current administration has no plans to maintain the programme.
“No, we will replace it with a better programme. The current Gold-for-Oil programme we’ve inherited—we will discontinue,” he said.
However, he acknowledged that dismantling the system would take time, requiring parliamentary approval and extensive legal groundwork.
“You need some time to put a workable system in place. If you want to set up a new system, you have to go to Parliament and have some legal battles. In the interim, we are trying to shift the current system and ensure that we reduce the losses and make it a bit more transparent, but ultimately, we want to replace it.”
His comments signal a major policy shift and add to the growing concerns about the viability and transparency of the Gold-for-Oil initiative.
