Yapei-Kusawgu Member of Parliament(MP) John Jinapor has announced the next National Democratic Congress'(NDC) bold step to conduct a forensic audit of the Bulk Energy Storage and Transportation Company Limited (BEST), formerly BOST‘s operations.
This according to him will be part of a broader scrutiny of the Gold for Oil policy.
The Ranking Member on Parliament’s Energy Committee made this promise on Asempa FM Ekosii Sen programme Thursday.
Mr Jinapor who is also a former Deputy Power Minister indicated BOST has incurred a lot of losses under the policy which is not in the public domain, raising questions about accountability and fairness.
Aside from BOST, he noted that, there will also be a technical and financial audit of the Electricity Company of Ghana (ECG).
“There will be a forensic audit of BOST’s operation both technical and operation and we will zoom it on the Gold for oil they are running profit on the back of Bank of Ghana. BoG is absorbing all the shocks. Gold for Oil was to a stabilise the currency but it has failed,” he stated.
Mr Jinapor added that the companies supplying the oil under the policy are doing so under opaque circumstances and he has documents to that effect.
The G4O initiative, introduced as a strategic measure to stabilize fuel prices and reduce the country’s dependency on foreign oil markets, has been mired in allegations of mismanagement and corruption.
Critics have pointed out that the program lacks transparency, with concerns raised over how contracts were awarded and the actual benefits derived from the scheme.
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