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Energy Minister John Abdulai Jinapor has raised significant concerns about the lack of transparency surrounding the Gold-for-Oil (G4O) program, calling it “riddled with opacity” and acknowledging the flaws that will require major reforms.
Speaking on Joy News’ PM Express on Tuesday, February 4, Jinapor stated that the current system is fundamentally flawed and will be replaced with a more transparent and accountable alternative.
“The clarity is not there,” Jinapor emphasised. “There’s a high level of opacity.” He also referenced the auditor general’s recent report, which flagged several irregularities within the program.
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Jinapor’s comments reflect growing discontent over the initiative, which was introduced to leverage the country’s gold reserves in exchange for petroleum products.
Critics of the program have long questioned its operational framework, citing concerns over the lack of publicly accessible information about key transactions and the opaque selection process for participating companies. Jinapor’s remarks underscore the government’s commitment to overhauling the system.
“We are reforming all of this because of the high level of opacity,” he said. “If it were clear and transparent, you wouldn’t even need the reforms we are pursuing.”
The Energy Minister further criticised the difficulty in obtaining relevant information, especially regarding offshore dealings, and pointed to the unclear criteria for selecting companies involved in the program. These concerns, he argued, are the reason behind the urgent need for reform.
When questioned about the future of the Gold-for-Oil program, Jinapor made it clear: “We will replace it with a better program.” He acknowledged that dismantling the current system would take time, as it requires parliamentary approval and legal groundwork, but reassured that the government is already working to ensure a smoother transition.
In the meantime, Jinapor emphasised efforts to reduce losses and introduce some level of transparency into the current system while preparing for the eventual replacement of the Gold-for-Oil initiative.
His comments add to the growing public concerns about the program’s effectiveness and transparency, marking a significant step toward addressing the challenges associated with the initiative.
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