Mahama to probe Akufo-Addo’s gold-for-oil programme if he wins presidency
![](https://cdn.classfmonline.com/imagelib/thumbs/10088041.jpg)
Opposition flagbearer John Dramani has pledged to investigate the government's gold-for-oil policy should he secure the presidency, citing concerns over transparency.
Mr Mahama asserts that the arrangement lacks clarity and necessitates a comprehensive inquiry.
Introduced by the government in 2021, the gold-for-oil deal aimed to address the depreciation of the cedi and the surge in fuel prices.
Addressing the 3rd Annual Transformational Dialogue on Small-scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani, the leader of the main opposition National Democratic Congress emphasised revisiting the deal.
He stated, "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."
Vice President Mahamudu Bawumia announced the policy in 2022 as part of efforts to address Ghana's diminishing foreign currency reserves and the demand for dollars by oil importers, factors contributing to the weakening of the Cedi and escalating living costs.
Under the G4O programme, Ghana aims to acquire competitively priced oil by trading gold, aiming to alleviate pressure on the Cedi, mitigate soaring fuel prices, and rectify balance of payment issues.
As of March 2023, over 60,000 ounces of gold valued at more than $97 million had been procured from local mines.
However, the Precious Minerals Marketing Company (PMMC) targets acquiring at least 160,000 ounces of gold, valued at approximately $300 million monthly, to cover about half of the country's monthly oil demand.
Source: classfmonline.com
Trending Business
Ghana’s economy still bleeding, cost of living remains high – Ato Forson
06:39Mahama's 24-hour economy will revive 'dead' Tema - GFL
19:57Mahama is an advocate for women’s financial empowerment-Opoku-Agyemang
20:00YEA annnouces phase 2 of skills training programme, calls for applications
12:58LUIHF to picket Ministry of Finance on Wednesday over delays in releasing funds
12:32MegaCash Lucky Box poise to offer Ghanaians chance to win millions
15:05Mahama promises cashew factory for Amoma under next NDC Gov't
11:44Gov't set to raise cocoa farmgate price by nearly 45%, sources say
10:58Akufo-Addo should’ve resigned over free fall of Cedi – Mahama
14:23Demand locked-up DKM funds from Bawumia – Mahama to people of Nkoranza
12:44