The Energy Minister, John Abdulai Jinapor has expressed strong doubts about the transparency of the Gold-for-Oil (G4O) programme while speaking to the media on Tuesday, February 4, 2025.
Citing the programme’s lack of clarity, he stated emphatically, “There’s a high level of opacity, and the clarity is not there. ”
Mr. Jinapor’s concerns are backed by the Auditor General’s report, which flagged several irregularities in the programme. He argued that accessing relevant information about the deals, particularly those involving offshore companies, has proven difficult.
“We are pursuing these reforms because of the opacity and the lack of clarity,” he explained. “It is difficult to get information, even in respect of offshore and all these companies that are dealt with. The criteria for even selecting the companies are not clear-cut. So clearly, there’s a problem—that is why we want to reform.”
The Minister made it clear that the current administration plans to discontinue the programme. “No, we will replace it with a better programme. The current Gold-for-Oil programme we’ve inherited—we will discontinue,” he said.
He however, acknowledged that dismantling the system would take some time due to the need for parliamentary approval and extensive legal groundwork.
The government plans to shift the current system to reduce losses and make it more transparent. “You need some time to put a workable system in place,” Jinapor noted. “If you want to set up a new system, you have to go to Parliament and have some legal battles. In the interim, we are trying to shift the current system and ensure that we reduce the losses and make it a bit more transparent, but ultimately, we want to replace it”
By Vera Owusu Sarpong