IERPP demands answers over conflicting Gold-for-Oil claims

The Institute for Economic Research, Policy, and Practice (IERPP) has raised alarm over what it describes as major inconsistencies between the Bank of Ghana (BoG) and the Ministry of Finance regarding the government’s Gold-for-Oil (G4O) programme.

According to the group, the BoG has publicly stated that the program was active before being suspended due to challenges, revealing that 27.63 tonnes of gold were used to procure almost 2 million metric tonnes of petroleum products. In contrast, the Finance Minister has flatly denied any barter arrangement, insisting that all oil purchases were made with dollars.

"Further, on August 11, 2025, the First Deputy Governor revealed that 27.63 tonnes of gold were used to settle 1.95 million metric tonnes of petroleum products under G4O. Yet, on July 25, 2025, Finance Minister Dr. Cassiel Ato Forson declared emphatically that ‘there was no barter… never, never,’ insisting that the so-called G4O was nothing more than conventional dollar payments for oil," IERPP stated.

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In a statement released on August 12, 2025, the IERPP emphasised that these opposing statements cannot both be correct, and the uncertainty is damaging public trust in the country’s economic management.

"These statements cannot both be true. Ghanaians deserve more than contradictory soundbites; they deserve facts," the statement read.

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The group is urging Parliament to summon both the Finance Minister and the BoG Governor to appear together and clarify the differences in their accounts. They are also requesting detailed documentation of when the transactions occurred, the amount of gold used, and records showing how the gold was exchanged for petroleum products.

Other questions raised include whether the Finance Minister reviewed the BoG’s recent disclosure, whether any audit of the program has been conducted, and why no public clarification has been provided until now.

IERPP is also calling for an independent forensic audit of the G4O transactions, with the findings made public, so Ghanaians can access the truth for themselves.

DR/MA

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