The flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has affirmed his commitment to probing government’s gold-for-oil policy if elected as president.
According to the former president, the gold- for-oil policy lacks transparency and accountability.
The gold -for-oil policy aims to stabilize the cedi and secure a competitive price for oil by selling gold to ease pressure on the Cedi, address hikes in fuel prices, and fix the balance of payment problems.
Mr. Mahama made these assertions at the 3rd Annual Transformational Dialogue on Small-scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani.
“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 program.
He affirms his commitment to holding accountable those who have benefited from the gold-for-oil policy at the expense of the state.
He promised to prioritize the interests of Ghana and address any issues of corruption or mismanagement that undermine the country’s development.
This level of gold acquisition by March 2023, could potentially cover up to 50% of the country’s monthly oil demand.
