A fresh controversy has erupted over Ghana’s Gold-for-Oil (G4O) programme after the Bank of Ghana (BoG) disclosed that nearly 28 tonnes of gold were used to buy petroleum products, contradicting an earlier denial from the Finance Minister.
On August 11, 2025, BoG’s First Deputy Governor revealed that 27.63 tonnes of gold were exchanged for 1.95 million metric tonnes of petroleum products. This, he said, was part of the G4O scheme designed to use gold reserves to reduce pressure on the cedi.
However, on July 25, 2025, Finance Minister Dr. Cassiel Ato Forson told Parliament that there had been “no barter… never, never” under G4O. He insisted all oil purchases were made using conventional dollar payments.
The Institute for Economic Research, Policy, and Practice (IERPP) says the two statements cannot both be correct. It has asked for transaction records, dates of gold transfers, and any official audit reports on the programme.
IERPP Executive Director Prof. Isaac Boadi warned that such inconsistencies damage public trust and investor confidence. “We need facts, not contradictory soundbites,” he said.
The think tank wants Parliament to summon both the BoG and the Finance Ministry to appear together and clarify the matter. It has also proposed an independent forensic audit, with findings made public.
The G4O programme, launched to stabilise fuel prices and protect foreign reserves, was hailed as an innovative solution to Ghana’s economic challenges. Now, the credibility of its execution is in question, and the truth may only come out if lawmakers intervene.
