We have to know who is financing gold-for-oil – CSOs demand

After about six months of the beginning of the gold-for-oil programme, some Oil Marketing Companies withdrew their participation and involvement due to some issues, reports have noted.

It is in this light that civil society organisations in the energy sector have called for a relook and outdooring of the various stakeholders in the programme.

Energy Analyst, and Co-Chair of the Ghana Extractive Industries Transparency Initiative, Dr Steve Manteaw, has called on the government to publish the names of all persons and channels involved in the programme.

“There is no disclosure in terms of who is financing the domestic gold purchasing in this transaction. We are going to resort to the services of a third party. For instance, who is selling Ghana’s gold? if it’s a broker then the broker services have to be disclosed,” he was quoted by myjoyonline.com.

“I think it’s fair to ask questions. How much is the broker being paid and how does it affect what we receive as a country in terms of reserves,” he added.

Government’s gold-for-oil programme was implemented to solve the current hikes in fuel prices whiles easing the pressure on the local currency.

Even though fuel prices have seen some reductions since the year began, industry players have said this was not a result of the policy.

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