Opposition flagbearer John Dramani Mahama has pledged to investigate the government’s gold-for-oil policy if he secures the presidency, citing concerns over transparency and clarity. Apexnewsgh reports
The policy, introduced in 2021, aimed to address the depreciation of the cedi and the surge in fuel prices, but Mahama asserts that it lacks transparency and necessitates a comprehensive inquiry.
Addressing the 3rd Annual Transformational Dialogue on Small-scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani, Mahama emphasized the need to revisit the deal, stating, “We will investigate the opaque gold for oil programme and expose the actors benefiting from this so-called barter agreement.”
Mahama expressed concerns over reports that Ghana has not been able to keep up with its delivery of gold under the programme, potentially creating a new debt burden. The gold-for-oil policy, announced by Vice President Mahamudu Bawumia in 2022, aimed to address Ghana’s diminishing foreign currency reserves and the demand for dollars by oil importers, factors contributing to the weakening of the Cedi and escalating living costs.
Under the G4O programme, Ghana aims to acquire competitively priced oil by trading gold, alleviating pressure on the Cedi, mitigating soaring fuel prices, and rectifying balance of payment issues. As of March 2023, over 60,000 ounces of gold valued at more than $97 million had been procured from local mines.
However, the Precious Minerals Marketing Company (PMMC) targets acquiring at least 160,000 ounces of gold, valued at approximately $300 million monthly, to cover about half of the country’s monthly oil demand.
Mahama’s pledge to investigate the policy has sparked debate over the transparency and effectiveness of the gold-for-oil deal, with many calling for greater clarity and accountability in the arrangement.
Source: Apexnewsgh.com/Ghana
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