Parliament is being urged to step in and end the growing confusion over Ghana’s Gold-for-Oil (G4O) programme.
The call comes from the Institute for Economic Research, Policy, and Practice (IERPP), which says the Bank of Ghana (BoG) and the Ministry of Finance have given “mutually exclusive versions” of the same programme.
BoG Governor Dr. Johnson Asiama stated on March 3, 2025, that the G4O scheme had been in operation before being suspended for policy and operational reasons. His deputy went further on August 11, 2025, revealing that 27.63 tonnes of gold had been exchanged for 1.95 million metric tonnes of petroleum products under the arrangement.
This directly clashes with Finance Minister Dr. Cassiel Ato Forson’s July 25, 2025, declaration that there had been “no barter… never, never” and that all oil purchases were paid for in dollars.
The IERPP argues that such contradictions undermine Ghana’s economic governance and has outlined a list of urgent questions. These include demands for proof of the dates and quantities of gold used, the reasons behind the Finance Minister’s categorical denial, and whether either institution has audited the programme.
“Ghana’s economy cannot run on contradictory press statements. Transparency is not optional, it is the foundation of trust,” said IERPP Executive Director Prof. Isaac Boadi.
The think tank is pressing Parliament to summon both the BoG Governor and the Finance Minister to appear jointly, reconcile their statements, and present verified records. It also wants them to commit to an independent forensic audit.
With fuel prices, foreign exchange stability, and public confidence at stake, Parliament’s response in the coming days could determine whether this controversy fades or escalates into a full-blown credibility crisis
