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The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has strongly dismissed claims made by former President John Dramani Mahama that the Gold-for-Oil programme has been operated in secrecy. According to Dr. Addison, the policy is very transparent and open to scrutiny.
Former President Mahama made the claims 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. He promised to assess the government’s gold-for-oil policy if he becomes president again in this year’s elections.
Mahama expressed concerns over the lack of transparency surrounding the arrangement and emphasized the need for a thorough investigation. He asserted that the opaque nature of the gold-for-oil deal raised questions about accountability and fairness.
The former President alleged that reports reaching him 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 promised to investigate the programme and expose the actors benefiting from the so-called barter agreement.
However, Dr. Addison has categorically denied these claims, stating that the Gold-for-Oil programme is very transparent and open to scrutiny. He emphasized that the programme has been designed to ensure accountability and fairness at all levels.
The Gold-for-Oil programme is a policy initiative aimed at reducing Ghana’s dependence on foreign exchange for oil imports. The programme involves exchanging Ghana’s gold reserves for oil imports, with the aim of stabilizing the country’s currency and reducing its debt burden.
Dr. Addison explained that the programme has been implemented in a transparent and accountable manner, with all transactions being recorded and reported publicly. He emphasized that the programme has been designed to benefit all Ghanaians, not just a select few.
The Governor of the BoG urged the public to disregard Mahama’s claims, stating that they are unfounded and misinformed. He assured the public that the Gold-for-Oil programme is a legitimate and transparent initiative aimed at promoting Ghana’s economic development.
Dr. Addison’s response has put to rest concerns about the transparency of the Gold-for-Oil programme. The programme has been widely praised for its innovative approach to addressing Ghana’s economic challenges, and Dr. Addison’s assurance of its transparency has boosted public confidence in the initiative.
The Gold-for-Oil programme has been demonstrated to be a transparent and accountable initiative aimed at promoting Ghana’s economic development. Dr. Addison’s response has put to rest concerns about the programme’s transparency, and the public can have confidence in the programme’s ability to deliver benefits for all Ghanaians.
