Energy Minister John Abdulai Jinapor has cast doubt on the transparency of the Gold-for-Oil (G4O) programme, stating that the initiative is riddled with opacity and lacks the necessary clarity for effective continuation.
Speaking on Joy News’ PM Express on Tuesday, February 4, he stated that the current system is deeply flawed and will be replaced with a more transparent alternative.
“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.
“If it were that clear and transparent, and you could see everything easily, then you would not even need the reforms we are pursuing.”
The Gold-for-Oil programme, which was introduced as a means to leverage the country’s gold reserves in exchange for petroleum products, has come under intense scrutiny.
Critics have repeatedly questioned the programme’s operational framework, citing the lack of publicly available information on key transactions and the selection process for participating companies.
The Auditor-General’s report, which flagged several irregularities in the programme, has further fueled calls for reform.
Mr. Jinapor’s statements signal a clear intent by the new administration to overhaul the existing structure and introduce a more accountable and transparent alternative.
The Minister 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 companies and all those involved. The criteria for selecting the companies are 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. 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.
“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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