ElvisAnokyenews Latest News Portal
The introduction of the Gold for Oil (G4O) initiative by the previous government was meant to help strengthen the local currency (Cedi) against the US dollar and reduce the high rate of fuel prices.
However, the programme became ineffective and could not meet its initial purpose.
Recently, the Bank of Ghana disclosed that Ghana’s government lost GH¢2.137 billion over two years.
While the previous administration is defending the Gold for Oil initiative, the current government is saying otherwise.
Some political actors believe the initiative was not successful due to corruption and scandals that rocked the past administration.
“Ghana’s Gold for Oil (G4O) initiative, launched to ease fuel prices and cedi pressure, ended with losses exceeding GH¢2.1 billion, raising concerns about potential corruption.” One expert wrote.
According to him, the initiative was ineffective due to some possible corruption that rocked the programme.
He said the Gold for Oil (G4O) initiative faced no Parliamentary Oversight: “The programme bypassed Parliament entirely, allowing billions in public funds to be spent without scrutiny or legal accountability.” He explained.
“Also there could be secretive broker selection: The gold brokers used were chosen through undisclosed processes, opening the door to political favoritism or kickbacks.”
“Hidden Fees and Commissions: Details about fees paid to intermediaries remain unknown, suggesting the possible siphoning of funds through inflated or untraceable charges.” The post added.
“Offshore Transactions Without Local Impact: Proceeds from gold sales were kept in offshore accounts and never injected into the local economy, making the flow of funds difficult to verify.”
“Lack of Basic Transparency: The Bank never disclosed how much gold was sold or how much fuel was received, raising questions about accountability and possible resource diversion.” The expert stated.
Source: Elvisanokyenews.net
