CSOs increase calls for disclosure of third-party dealers in Ghana’s ‘Gold for Oil’ programme
In the wake of recent controversies surrounding Ghana’s ambitious ‘Gold for Oil’ program, several Civil Society Organizations (CSOs) operating within the energy sector are calling on the government to provide greater transparency by publicly disclosing the names of third-party dealers involved in the program.
This appeal comes as a response to concerns raised by both Oil Marketing Companies and members of the Ghana Chamber of Bulk Oil Distributors, who have expressed reservations about the lack of clarity and unresolved issues surrounding the implementation of the initiative.
Dr. Steve Manteaw, an esteemed Energy Analyst and Co-Chair of the Ghana Extractive Industries Transparency Initiative, underscored the importance of promoting transparency and accountability in the ‘Gold for Oil’ program. He highlighted the need for the government to publish the names of all intermediary dealers to shed light on the financing mechanisms and potential conflicts of interest inherent in the program.
By revealing the identities of these dealers, the government can provide stakeholders with crucial information, fostering an environment of trust and preventing any undue advantage that certain operators might exploit within the system.
At the heart of the concerns raised by Dr. Manteaw and other CSOs is the lack of disclosure regarding the financing of domestic gold purchases and the involvement of brokers in the ‘Gold for Oil’ program. The absence of transparency in this aspect of the initiative raises questions about who exactly is responsible for selling Ghana’s gold and the level of compensation received by brokers facilitating the transactions. Dr. Manteaw believes that disclosing such information is essential not only for ensuring accountability but also for safeguarding the country’s interests and maximizing the benefits derived from the program.
By addressing these concerns head-on and promptly disclosing the names of third-party dealers, the government can demonstrate its commitment to transparency and quell any doubts or suspicions surrounding the ‘Gold for Oil’ program. Such a move would not only instill confidence among stakeholders but also serve as a deterrent against potential corrupt practices that may undermine the program’s objectives and compromise the country’s economic interests.
Transparency and accountability are the cornerstones of effective governance and sustainable development. In the case of Ghana’s ‘Gold for Oil’ program, ensuring transparency in the involvement of third-party dealers is vital to maintain the integrity of the initiative and build trust among all stakeholders. Moreover, by actively addressing the concerns of CSOs and proactively disclosing information, the government can strengthen its commitment to good governance and set a precedent for responsible resource management.
The government of Ghana must heed the call of CSOs and prioritize greater transparency in the ‘Gold for Oil’ program. By publishing the names of third-party dealers, the government can foster a culture of openness, accountability, and trust, while simultaneously safeguarding the country’s economic interests.
As Ghana navigates the complexities of its energy sector and strives for sustainable development, it is imperative that it upholds the highest standards of governance and transparency, ensuring that the benefits of its resources reach the intended beneficiaries and propel the nation towards a prosperous future.
