Energy Minister John Abdulai Jinapor has raised concerns over the lack of transparency in the Gold-for-Oil (G4O) programme, calling it deeply flawed and opaque.
In an interview on February 4, Mr Jinapor stated that the current system lacks the clarity needed for effective operation and will be replaced with a more transparent alternative.
“There’s a high level of opacity, and it’s not clear,” he said. “The Auditor General has flagged it, so it’s not just our opinion—it’s a fact. We’re making reforms because of these transparency issues.”
Introduced to exchange gold reserves for petroleum products, the Gold-for-Oil programme has faced intense scrutiny.
Critics have highlighted the lack of transparency in key transactions and the unclear process for selecting participating companies.
The Auditor General’s report citing several irregularities has only intensified calls for reform.
Jinapor emphasized the difficulty of accessing crucial information about offshore companies involved, pointing out that the criteria for selecting participants remains unclear.
“That’s why we need reform,” he said.
When asked if the programme would continue in the meantime, Jinapor was clear: “No, we will replace it with something better.”
He acknowledged, however, that the transition will take time due to the need for parliamentary approval and legal procedures.
“We’re working to improve the current system and make it more transparent, but ultimately, we want to replace it,” he concluded, reinforcing his commitment to a more accountable and transparent approach.
Story By Will Agyapong
