The Institute for Economic Research, Policy, and Practice (IERPP) is demanding that Parliament summon the Minister of Finance and the Governor of the Bank of Ghana to clarify conflicting accounts regarding the country’s Gold-for-Oil (G4O) programme.
In a statement issued on Tuesday, August 12, 2025, the think tank expressed “grave concern” over what it described as “officially contradictory statements” made by Finance Minister Dr. Cassiel Ato Forson and BoG Governor Dr. Johnson Pandit Asiama. The G4O initiative, introduced under the previous administration, was intended to exchange gold for petroleum products to reduce foreign exchange pressures.
According to IERPP, Dr. Asiama confirmed on March 3, 2025, that the programme had been operational but was later suspended due to policy and operational challenges. The First Deputy Governor also disclosed on August 11, 2025, that 27.63 tonnes of gold had been used to procure 1.95 million metric tonnes of petroleum products under the scheme.
However, on July 25, 2025, Dr. Forson stated categorically that “there was no barter… never, never”, insisting the arrangement amounted to conventional dollar payments for oil, not gold-for-oil exchanges.
“These statements cannot both be true,” IERPP stressed. “Ghanaians deserve facts, not contradictory soundbites. Such inconsistencies harm the country’s credibility.”
The institute is urging Parliament to immediately summon both officials to present reconciled, verifiable data on the programme, arguing that “the truth must be placed on public record to restore confidence in economic management.”
