Deputy BoG governor denies knowledge of how gold for oil is transacted

First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has denied knowledge of the process of exchanging gold with oil under the government’s gold for Oil barter deal.

The 1st Deputy BoG Governor on Friday, January 03, 2023, told the Public Accounts Committee (PAC) that the central bank is only involved in the purchase of gold and not the exchange.

This was in response to a question posed by the Ningo-Prampram MP, Sam George asking whether he was aware the first consignment of the 40,000 metric tons of oil brought into the country was paid for with cash.

But the 1st Deputy Governor of the Central Bank said he doesn’t have full details of that leg of the transaction under the Gold for Oil deal.

“What I know is that the Gold for Oil programme has two legs; It has the gold purchase programme leg and then the Oil leg. The Bank of Ghana is fully involved in the gold purchase side which then translates into Oil. So I may have to go back and check how the oil side was transacted. But what we know is that we have fully paid and bought gold that is enough to support the oil transaction,” Dr. Maxwell Opoku-Afari told PAC.

Meanwhile, the Minority in Parliament has called for the suspension of the programme until full disclosure and consultation with stakeholders are done.