Gold for Oil deal is opaque, we will investigate it – Terkper

Former Finance Minister, Seth Terkper, has said that the next National Democratic Congress (NDC) administration will investigate the Gold for Oil programme that was introduced by the Akufo-Addo administration.

He expressed the view that the deal is shrouded in secrecy hence the need to investigate it.

“The policy is not a transparent one so we will investigate this deal. If it is not fit for purpose, we will cancel it. Why not sell the gold and get the money. No economy can thrive on a barter system,” he said.

Earlier, the flagbearer of the NDC John Dramani Mr Mahama, while speaking at the 3rd Annual Transformational Dialogue on Small-scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani, on Wednesday, May 15 promised to assess the government’s gold-for-oil policy if he becomes president again this year’s elections.

He expressed concerns over the lack of transparency surrounding the arrangement and emphasised the need for a thorough investigation.

Mr. Mahama asserted that the opaque nature of the gold-for-oil deal raised questions about accountability and fairness.

“We will investigate the opaque gold for oil programme and expose the actors benefiting from this so-called barter agreement.

“Reports reaching me suggest that a new debt burden is being created because Ghana has not been able to keep up with its delivery of gold under the programme,” he said.

However, the Bank of Ghana dismissed concerns that the programme has been opaque.

When asked for his response to these comments, Dr Ernest Addison said at the 118th Monetary Policy Committee (MPC) press conference in Accra on Monday, May 27 that “that is an opinion but I don’t see it that way at all. From our perspective, it is very transparent and open.”

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