• About
  • Advertise
  • Privacy Policy
  • Contact
Tuesday, October 7, 2025
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Government Plans to Scrap Gold-for-Oil Programme 

Prince Agyapongby Prince Agyapong
February 5, 2025
Reading Time: 4 mins read
Prince Agyapongby Prince Agyapong
in Extractives/Energy
0
John Jinapor, Minister for Energy and Green Transition

John Jinapor, Minister for Energy and Green Transition

John Abdulai Jinapor, Minister of Energy and Green Transition has voiced serious concerns over the controversial Gold-for-Oil (G4O) programme, citing issues of transparency and governance.  

The Minister confirmed that the programme will be scrapped in favor of a more accountable system that ensures public trust and economic efficiency. 

Jinapor’s criticisms come in response to mounting concerns about the opaque nature of the initiative. He argued that the G4O programme, which was originally introduced as a means to leverage Ghana’s gold reserves in exchange for petroleum products, lacks the necessary oversight and accountability mechanisms. 

RelatedPosts

COMAC Probes into Alleged Manipulation of Fuel Consumption Data 

Petroleum Hub is the Quintessential 24-Hour Economy Initiative – PHDC CEO 

Ghana Showcases Energy Sector Transparency at Global Summit in Spain 

“There’s a high level of opacity, and the clarity is not there. The Auditor-General has flagged it.

“So, it’s not just what we are saying—it is a fact.” 

Hon. John Abdulai Jinapor, Minister of Energy and Green Transition

Introduced as an alternative financing arrangement to secure petroleum imports without heavily relying on the U.S. dollar, the G4O programme was designed to stabilize fuel prices and mitigate the effects of exchange rate volatility.  

However, over time, it has faced scrutiny from industry experts, civil society organizations, and policymakers for its lack of public disclosure on key operational aspects, including transaction details and the criteria for selecting participating companies. 

The Auditor-General’s report further reinforced Jinapor’s claims, flagging several irregularities in the execution of the programme. The findings have raised significant concerns about potential mismanagement and a lack of due diligence in Ghana’s energy sector. 

Critics argue that offshore dealings under the programme have been shrouded in secrecy, making it difficult to ascertain the efficiency and effectiveness of the initiative.  

Key stakeholders, including opposition parties and transparency advocacy groups, have repeatedly called for the government to release detailed reports on the transactions involved. With these concerns gaining traction, Hon. Jinapor stressed the need for reforms.  

“The reality is that we are reforming all this because of the high level of opacity.

“If it were that clear, and was that transparent, and you could see everything easily, then you would not even need the reforms we are pursuing.” 

Hon. John Abdulai Jinapor, Minister of Energy and Green Transition

Gold-for-Oil Under Scrutiny 

Gold-for-Oil
Gold-for-Oil

The energy minister made it clear that the current administration has no plans to sustain the programme in its present form. 

“No, we will replace it with a better programme. The current Gold-for-Oil programme we’ve inherited—we will discontinue.” 

Hon. John Abdulai Jinapor, Minister of Energy and Green Transition

While discontinuing G4O may present legal and logistical challenges, Jinapor acknowledged that the transition would require careful planning, including parliamentary approval and significant regulatory adjustments. 

“You need some time to put a workable system in place. If you want to set up a new system, you have to go to Parliament and have some legal battles.

“In the interim, we are trying to shift the current system and ensure that we reduce the losses and make it a bit more transparent, but ultimately, we want to replace it.” 

Hon. John Abdulai Jinapor, Minister of Energy and Green Transition

Jinapor’s commitment to reforming Ghana’s energy policies aligns with broader efforts to improve governance within the country’s natural resource sector.  

His firm stance on transparency signals a major policy shift and adds to growing concerns about the viability of the Gold-for-Oil initiative in its current form. 

As the government moves forward with plans to phase out the programme, stakeholders—including Parliament, energy sector players, and the general public—will be closely watching for developments on the new framework that will replace the G4O initiative. 

The impending discontinuation of the Gold-for-Oil programme marks a significant policy shift in Ghana’s approach to fuel procurement.  

While the initiative was initially introduced to shield the country from exchange rate volatility and oil price shocks, its alleged lack of transparency has led to growing criticism.

With the Energy Minister confirming plans for a replacement programme, the government will need to ensure that the new system addresses past concerns while maintaining fuel price stability and economic efficiency. 

The coming months will be crucial as policymakers, industry players, and advocacy groups work towards a more transparent and sustainable fuel procurement system for Ghana’s energy sector. 

READ ALSO: Investigative Committee Probes into Vetting Chaos 

Tags: Auditor-General (AG)Gold-for-Oil (G4O) programHon. John Abdulai JinaporMinister of Energy and Green TransitionParliament
Please login to join discussion
Previous Post

Attack On Zanetor in Parliament Sparks Outrage

Next Post

AGI Urges on Government to Craft Policies Targeted at Women Entrepreneurs

[mc4wp_form id="1264"]

Related Posts

Government to Roll Out ‘Nkukor Nkitinkiti’ Programme in October
General News

IMANI Warns of Poultry Waste Risk Without Processing Plan Under Nkoko Nkitinkiti Programme

October 7, 2025
International Backlash Mounts Over Israel’s Gaza City Takeover Plan
Asia

From October 7 To Gaza’s Ruins: Scars Run Deep On Both Sides As War Hits Two-year Mark

October 7, 2025
Ghana’s Minister for Communications, Digital Technology and Innovation, Hon. Samuel Nartey George
General News

IMANI Challenges Minister’s Claim of ‘Increased Value Offer’ in DStv Deal

October 7, 2025
Petrol, LPG Prices to Rise Slightly from August 16, Diesel to Drop – COMAC 
Extractives/Energy

COMAC Probes into Alleged Manipulation of Fuel Consumption Data 

October 7, 2025
Over GH¢39 Million Worth of Shares Change Hands in Explosive Trading Session
Securities/Markets

Over GH¢39 Million Worth of Shares Change Hands in Explosive Trading Session

October 7, 2025
Flight Lands Early After Masked Passenger Raves About Gay People
Oddities

Flight Lands Early After Masked Passenger Raves About Gay People

October 6, 2025
Government to Roll Out ‘Nkukor Nkitinkiti’ Programme in October
General News

IMANI Warns of Poultry Waste Risk Without Processing Plan Under Nkoko Nkitinkiti Programme

by Silas Kafui AssemOctober 7, 2025
International Backlash Mounts Over Israel’s Gaza City Takeover Plan
Asia

From October 7 To Gaza’s Ruins: Scars Run Deep On Both Sides As War Hits Two-year Mark

by Comfort AmpomaaOctober 7, 2025
Ghana’s Minister for Communications, Digital Technology and Innovation, Hon. Samuel Nartey George
General News

IMANI Challenges Minister’s Claim of ‘Increased Value Offer’ in DStv Deal

by Evans Junior OwuOctober 7, 2025
Petrol, LPG Prices to Rise Slightly from August 16, Diesel to Drop – COMAC 
Extractives/Energy

COMAC Probes into Alleged Manipulation of Fuel Consumption Data 

by Prince AgyapongOctober 7, 2025
Over GH¢39 Million Worth of Shares Change Hands in Explosive Trading Session
Securities/Markets

Over GH¢39 Million Worth of Shares Change Hands in Explosive Trading Session

by Stephen M.COctober 7, 2025
Flight Lands Early After Masked Passenger Raves About Gay People
Oddities

Flight Lands Early After Masked Passenger Raves About Gay People

by Esther Korantemaa OffeiOctober 6, 2025
Government to Roll Out ‘Nkukor Nkitinkiti’ Programme in October
International Backlash Mounts Over Israel’s Gaza City Takeover Plan
Ghana’s Minister for Communications, Digital Technology and Innovation, Hon. Samuel Nartey George
Petrol, LPG Prices to Rise Slightly from August 16, Diesel to Drop – COMAC 
Over GH¢39 Million Worth of Shares Change Hands in Explosive Trading Session
Flight Lands Early After Masked Passenger Raves About Gay People
[/vc_row_inner]

Recent News

  • IMANI Warns of Poultry Waste Risk Without Processing Plan Under Nkoko Nkitinkiti Programme
  • From October 7 To Gaza’s Ruins: Scars Run Deep On Both Sides As War Hits Two-year Mark
  • IMANI Challenges Minister’s Claim of ‘Increased Value Offer’ in DStv Deal
  • COMAC Probes into Alleged Manipulation of Fuel Consumption Data 
  • Over GH¢39 Million Worth of Shares Change Hands in Explosive Trading Session
The Vaultz News

Copyright © 2025 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2025 The Vaultz News. All rights reserved.