The Institute for Economic Research, Policy, and Practice (IERPP) has issued a scathing statement calling on Parliament to urgently summon the Bank of Ghana (BoG) and the Ministry of Finance over what it describes as “deeply conflicting” accounts of the controversial Gold-for-Oil (G4O) programme.
In a press release dated August 12, 2025, the IERPP expressed grave concern over the inconsistencies in official narratives surrounding G4O, a programme touted by government as a strategy to stabilize fuel prices and conserve foreign exchange through barter trade using Ghana’s gold reserves.
According to the statement, BoG Governor Dr. Johnson Asiama confirmed on March 3, 2025, that the G4O programme had been operational but was subsequently suspended due to “policy and operational challenges.” More recently, on August 11, the First Deputy Governor disclosed that 27.63 tonnes of gold had been used to settle the importation of 1.95 million metric tonnes of petroleum products under the scheme.
However, these statements appear to directly contradict assertions made by the Finance Minister, Dr. Cassiel Ato Forson, who on July 25, 2025, categorically denied any barter arrangement. “There was no barter… never, never,” the Minister declared, insisting that the so-called G4O programme was nothing more than standard dollar-based transactions for oil imports.
The IERPP warns that these contradictions severely undermine public trust and the credibility of economic governance. “Ghanaians deserve more than contradictory soundbites—they deserve facts,” said Prof. Isaac Boadi, Executive Director of IERPP.
The think tank has posed a series of critical questions to both institutions, demanding clarity on transaction dates, the amount of gold used, and the existence of any audits or reconciliatory meetings between the BoG and the Ministry. Among the key concerns are:
Why the Minister of Finance insists there was no barter despite evidence to the contrary from BoG;
- Whether transaction-level records exist to support BoG’s claims;
- If an audit was conducted by the Ministry, and where such a report can be found;
- And whether both institutions are willing to submit to an independent forensic audit.
IERPP has called on Parliament to compel the BoG and Ministry of Finance to present reconciled and verifiable data on the G4O programme. “Ghana’s economy cannot run on contradictory press statements. Transparency is not optional—it is the foundation of trust,” the statement concluded.
As calls for accountability grow louder, the coming days may prove decisive in determining how the government responds to increasing pressure for full disclosure on the G4O saga.
Ghana|Atinkaonline.com|Nana Yaw Fianko
