5th February 2025 7:54:05 AM
2 mins readEnergy Minister John Abdulai Jinapor has questioned the transparency of the Gold-for-Oil (G4O) programme, describing it as opaque and lacking the clarity needed for its effective implementation. During an appearance on Joy News’ PM Express on Tuesday, February 4, Jinapor criticized the current structure of the programme, labeling it deeply flawed.
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He emphasized that the government plans to replace it with a more transparent and efficient system. “There’s a high level of opacity, and the clarity is not there,” he stated emphatically. “The Auditor General has flagged it. So it’s not just what we are saying—it is a fact. The reality is that we are reforming all this because of the high level of opacity.
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"If it were that clear, and was that transparent, and you could see everything easily, then you would not even need the reforms we are pursuing.” The Gold-for-Oil (G4O) programme, designed to utilize Ghana’s gold reserves to secure petroleum products, has faced growing criticism over its lack of transparency.
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Concerns have been raised about the programme’s operational framework, with critics highlighting the absence of publicly available details on key transactions and the criteria for selecting participating companies. Adding to the controversy, the Auditor General’s report identified several irregularities within the programme, intensifying demands for comprehensive reforms.
Energy Minister John
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Abdulai Jinapor’s recent remarks underscore the new administration’s commitment to restructuring the initiative. He emphasized the need for greater accountability, noting the challenges in accessing crucial information, particularly regarding transactions involving offshore companies. “We are pursuing these reforms because of the opacity and the lack of clarity,” he explained.
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“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 is not clear-cut. So clearly, there’s a problem—that is why we want to reform.” When asked whether the current administration plans to maintain the Gold-for-Oil programme in the interim, Mr. Jinapor was unequivocal in his response: “No, we will replace it with a better programme.
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The current Gold-for-Oil programme we’ve inherited—we will discontinue.” He, however, acknowledged that dismantling the system would take some time, as establishing a new framework requires parliamentary approval and extensive legal groundwork. “You need some time to put a workable system in place,” he noted. “If you want to set up a new system, you have to go to Parliament and have some legal battles.
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"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.” His comments add to the growing concerns about the viability and transparency of the Gold-for-Oil initiative.
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