Energy Minister John Jinapor has hinted that the government will discontinue the Gold-for-Oil programme, citing a lack of transparency and accountability.
Speaking on Joy FM, Jinapor expressed concerns over the programme’s opacity, referencing the Auditor-General’s report, which flagged several issues.
Jinapor emphasized that if the programme were truly transparent, the current administration wouldn’t need to pursue reforms. The Energy Minister confirmed that the government will replace the programme with a better system, although it may take some time to implement.
In the interim, the government will make adjustments to reduce losses and enhance transparency. The decision to phase out Gold-for-Oil is expected to pave the way for a new fuel pricing policy, with industry players advocating for a more predictable and transparent framework.
The Gold-for-Oil programme was introduced to use Ghana’s gold reserves to purchase oil, aiming to reduce the country’s dependence on foreign exchange. However, the programme has faced criticism over its lack of transparency and accountability.
The government’s decision to scrap the programme is seen as a step towards promoting transparency and accountability in the energy sector.
Source: Apexnewsgh.com
