Concerns have been raised by the Ghana Extractive Industry Transparency Initiative (GHEITI), necessitating that Parliament probe the Gold for Oil policy due to its lack of transparency
Vice President Dr. Mahamadu Bawumia revealed on Sunday new details about how he persuaded an unnamed businessman to buy gold worth GH₵3.1 billion from the Bank of Ghana’s vault.
The Vice President explained that Ghana’s economy was on the brink of collapse, similar to the situation in Sri Lanka, which prompted him to urge the Governor of the Central Bank to begin purchasing gold “overnight.”
However, despite this explanation, Dr. Steve Manteaw, co-chair of the Ghana Extractive Industry Transparency Initiative, stated in an interview with JoyNews that the government still needs to provide more information on the gold for oil policy.
He emphasized that the intermediaries involved in the transactions remain unclear.
“The whole Gold 4 Oil programme has been shrouded in secrecy, in ways that do not build public trust. If the Vice President can provide further details on this issue, it will help to build public trust and perhaps we will be able to confirm the assertions that he is making,” he said.
Dr Manteaw noted that there is a need to understand the cost aspect of the transaction and not just the benefits, adding that it will be “beneficial in unearthing any acts of corruption in these transactions.”
Owing to government’s failure to audit the programme, Dr Manteaw indicated that a parliamentary enquiry will be required to bring more clarity to the project.
“…We wanted government on its own to make these disclosures but since the government has failed or refused to make these disclosures, I think a parliamentary probe will be in order,” he stated.