• About
  • Advertise
  • Privacy Policy
  • Contact
Monday, October 27, 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
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

“From GaoGao to No.1” – StarOil CEO touts Company’s progress

GoldBod Formalizes ASM to Boost Gold Production

Oil Prices Fall as U.S.–China Trade Talks Ease Market Fears

ADVERTISEMENT

“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.

ADVERTISEMENT

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
Share1Tweet1ShareSendSend
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

Related Posts

StarOil
Extractives/Energy

“From GaoGao to No.1” – StarOil CEO touts Company’s progress

October 27, 2025
Ghana Gold Board
Extractives/Energy

GoldBod Formalizes ASM to Boost Gold Production

October 27, 2025
Oil Prices
Extractives/Energy

Oil Prices Fall as U.S.–China Trade Talks Ease Market Fears

October 27, 2025
Dangote Petroleum Refinery
Extractives/Energy

Dangote to Expand Lagos Refinery, Eyes $5bn Afreximbank Financing

October 27, 2025
Ghana Chamber of Mines
Extractives/Energy

Chamber of Mines to Host Marketing Expo in November

October 27, 2025
SG Oil Rig4
Extractives/Energy

Ghana ‘Bleeding’ from Oil and Gas Resources Due to Opaque Law – CNREM Warns

October 27, 2025
StarOil
Extractives/Energy

“From GaoGao to No.1” – StarOil CEO touts Company’s progress

by Bless Banir YarayeOctober 27, 2025
Dr. Prince Hamid Armah, lecturer and former Director-General of the National Council for Curriculum and Assessment (NaCCA)
General News

Fmr NaCCA Boss Backs No-Long-Hair Directive, Urges Fair Enforcement

by Evans Junior OwuOctober 27, 2025
Banking Sector Turns Corner as Bad Debts Plunge 46% — NPL Ratio Drops to 20.8%
Banking

Banking Sector Turns Corner as Bad Debts Plunge 46% — NPL Ratio Drops to 20.8%

by M.COctober 27, 2025
Driving local investment to support the government’s infrastructure projects.
Agribusiness

GIPC launch Regional Investment Roadshows in Volta and Oti

by Michael Teye-Bio NaduteyOctober 27, 2025
World Bank Engages Gender Ministry on GPSNP 2 Progress
General News

World Bank Engages Gender Ministry on GPSNP 2 Progress

by Silas Kafui AssemOctober 27, 2025
Cameroon's President, Paul Biya.
Africa

Paul Biya Re-elected For Eighth Term

by Comfort AmpomaaOctober 27, 2025
StarOil
Dr. Prince Hamid Armah, lecturer and former Director-General of the National Council for Curriculum and Assessment (NaCCA)
Banking Sector Turns Corner as Bad Debts Plunge 46% — NPL Ratio Drops to 20.8%
Driving local investment to support the government’s infrastructure projects.
World Bank Engages Gender Ministry on GPSNP 2 Progress
Cameroon's President, Paul Biya.

Recent News

StarOil

“From GaoGao to No.1” – StarOil CEO touts Company’s progress

October 27, 2025
Dr. Prince Hamid Armah, lecturer and former Director-General of the National Council for Curriculum and Assessment (NaCCA)

Fmr NaCCA Boss Backs No-Long-Hair Directive, Urges Fair Enforcement

October 27, 2025
Banking Sector Turns Corner as Bad Debts Plunge 46% — NPL Ratio Drops to 20.8%

Banking Sector Turns Corner as Bad Debts Plunge 46% — NPL Ratio Drops to 20.8%

October 27, 2025
Driving local investment to support the government’s infrastructure projects.

GIPC launch Regional Investment Roadshows in Volta and Oti

October 27, 2025
World Bank Engages Gender Ministry on GPSNP 2 Progress

World Bank Engages Gender Ministry on GPSNP 2 Progress

October 27, 2025
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.

Discover the Details behind the story

Get an in-depth analysis of the news from our top editors

Enter your email address