Vice President of IMANI Africa, Bright Simons, has broken down how Ghana’s Gold-for-Oil programme was conceived and executed, raising questions about its efficiency and financial impact.
Speaking on JoyNews’ Newsfile, Mr. Simons explained that the initiative was meant to reduce pressure on the Cedi by using gold purchased in Cedis to import fuel without relying on U.S. dollars.
However, he said the execution failed to deliver value, as the barter model did not provide better returns than simply selling gold for dollars to buy oil.
He noted that flaws in implementation and a lack of transparency have led to losses that require further investigation and possible prosecution.
Mr. Simons also linked the problem to Ghana’s weak industrial base and underperforming oil refineries, stressing the need for accountability and sound economic policy.
Watch the video below
Source: Prince Adu Owusu
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