John Mahama Says Gold For Oil Agreement Must Be Sent To Parliament For Scrutiny As It Lacks Transparency

• Former President John Dramani Mahama is calling for the gold for oil agreement to be sent to parliament for scrutiny
• Interacting with the NDC's UK and Ireland branch members, he said the deal in its current form is shrouded in secrecy and lacks transparency
• The policy introduced by the government is being spearheaded by Vice President Dr Mahamudu Bawumia and will see Ghana trading gold for oil

John Dramani Mahama, the former president, has called on the government to immediately send the gold for oil agreement to parliament for scrutiny.

According to him, the deal is shrouded in complete secrecy and only available to a few government officials which makes it unacceptable.

Mahama: Gold for oil deal is an international financial transaction

Interacting with members of the UK & Ireland Chapter of the National Democratic Congress (NDC), Mahama said the deal being an international financial transaction requires it to be sent before the legislative body for further scrutiny and approval.

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“According to the 1992 Constitution of Ghana, international financial transactions require the approval of Parliament….There is a complete lack of transparency about the transaction, and that is one of the major problems with this government. They hide everything and do as they please”, he noted.

Ghanaians will have value for money is gold for oil deal is sent to parliament - Mahama

The former president said with the parliamentary scrutiny, Ghanaians will have value for money in the deal and also know the beneficial owners behind the transaction.

The gold for oil policy was introduced by the government in 2022 and is being spearheaded by Vice President Dr Mahamudu Bawumia.

Under the arrangement, Ghana trades its gold for oil in a bid to reduce soaring prices of fuel products.

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The comments by the former president have sparked some reactions online, some of which have been compiled by YEN.com.gh.

@semaokpekpe

Price of fuel to go up tomorrow! What about the Gold for Oil deal?

@YayraKoku

So what happened to the Gold for Oil products (Fuel)? The NPP footsoldiers told us the first consignment arrived last two weeks. So why are they going to increase fuel again?

@Kwesi_jon

Am in the fuel industry. Fuel ⛽️ prices are dictated by two major items. 1. Foreign exchange rates 2. World market prices Fuel for gold has no effect on these two, at least at the moment

@BigBoy27222478

If only you partner and give ideas on how it will work for our benefits rather than criticizing...It would be better

@teddy_Dwyane

Digging the entire nation for gold won’t fetch us $3bn annually.. do we have a gold reserve to even consider this gold for oil deal? Whew

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@alexkmould

What is this Gold for Oil (G4O) really all about? Key players that control government, have devised a cunning ploy to take a share of both markets: - the export of Ghana’s gold - the import of petroleum products

Gold for oil: Bank of Ghana assures country has enough reserves to sustain policy

Earlier, YEN.com.gh reported that the Bank of Ghana had assured that it has enough reserves to sustain the gold-for-oil deal.

According to the central bank, the country has a sufficient quantity of gold bars to trade for oil.

This comes after the Akufo-Addo-led administration received the first shipment of gold for oil trade on Monday, January 16, 2022.

Source: YEN.com.gh