IMF Lacked Full Visibility on Ghana’s Gold-for-Oil Programme, Bright Simons Says
The International Monetary Fund (IMF) did not have complete access to critical details of Ghana’s Gold-for-Oil programme, raising concerns over transparency in the previous government’s handling of the initiative, according to Bright Simons, Vice President of IMANI Ghana and founder of mPedigree.
Speaking during an X Space discussion hosted by NorvanReports and the Economic Governance Platform (EGP) on February 15, 2025, on the topic “Gold for Oil Collapse: What Next For Ghana’s Energy and Forex Strategy,” Mr Simons stated that even the IMF, which was actively engaged with the government, struggled to obtain comprehensive data on the programme.
“I asked the IMF point blank if they had all the information about the Gold-for-Oil programme, and they were all over the place,” he said. “Even an institution lending funds to the government was not given full disclosure, despite its leverage.”
The Gold-for-Oil programme, introduced as a mechanism to stabilise fuel prices and reduce pressure on foreign exchange reserves, has been the subject of intense scrutiny. Critics have raised questions over its governance structure and the opacity surrounding key transactions.
Speaking further during the discussion, Mr Simons urged the new government to make the transactions of the Gold-for-Oil programme transparent, calling for the full disclosure of the entities involved in gold purchases, including the Bank of Ghana’s role, the mining companies supplying the gold, and intermediaries handling the transactions.
Gold-for-Oil to be Scrapped
Amid mounting concerns, the Mahama-led administration has signalled its intention to scrap the Gold-for-Oil programme.
In its place, the government plans to introduce the Ghana Gold Board (GoldBod), a new entity aimed at enhancing oversight and ensuring greater accountability in gold transactions.
