Former Finance Minister Seth Terkper has announced that a future National Democratic Congress (NDC) administration would investigate the Gold for Oil programme introduced by the Akufo-Addo administration.
Terkper expressed concerns about the deal’s transparency and suggested that it could be cancelled if the programme is found unsuitable.
“The policy is not transparent so that we will investigate this deal,” Terkper told TV3’s Kemmeni Amanor in an interview scheduled to air on Hot Issues. “If it is not fit for purpose, we will cancel it.
Why not sell the gold and get the money? No economy can thrive on a barter system.”
This announcement follows a similar commitment from John Dramani Mahama, the NDC’s flagbearer, who had earlier voiced concerns over the policy’s transparency.
Speaking at the 3rd Annual Transformational Dialogue on Small-Scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani on May 15, Mahama pledged to review the Gold for Oil policy if he is elected president in the upcoming elections.
He highlighted issues with accountability and fairness surrounding the deal, stating, “We will investigate the opaque Gold for Oil programme and expose the actors benefiting from this so-called barter agreement.”
Mahama further noted concerns about Ghana’s ability to meet its gold delivery commitments under the programme, suggesting that this could increase the country’s debt burden.
In response, the Bank of Ghana defended the programme’s transparency.
At a press conference on May 27, Dr. Ernest Addison, Governor of the Bank of Ghana, stated, “That is an opinion, but I don’t see it that way at all. From our perspective, it is very transparent and open.”
Addison encouraged those seeking more information about the policy to consult directly with its handlers.
In contrast, Vice President Dr Mahamudu Bawumia, flagbearer of the New Patriotic Party (NPP), recently praised the Gold for Oil programme.
Speaking at a media encounter on August 25, Bawumia asserted, “Without the Gold Purchase Programme and the Gold for Oil Programme, this economy would have collapsed.”
The debate over the programme reflects broader discussions about its effectiveness and transparency in Ghana’s economic strategy.
