At the 3rd Annual Transformational Dialogue on Small-scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani, John Dramani Mahama, the flagbearer of the National Democratic Congress (NDC), made a bold promise to scrutinise the government's gold-for-oil policy if he ascends to the presidency. 

He expressed concerns over the lack of transparency surrounding the arrangement and emphasised the need for a thorough investigation.

Mr. Mahama asserted that the opaque nature of the gold-for-oil deal raises questions about accountability and fairness. 

He believes that such arrangements should be subject to scrutiny to ensure that they serve the best interests of the nation and its citizens.

Highlighting the financial implications of the policy, Mr. Mahama pointed out that Ghana has incurred debts due to its inability to fulfill its gold delivery obligations under the programme.

He sees this as a critical issue that needs to be addressed promptly to avoid further financial strain on the country.

The former president emphasised his commitment to holding accountable those who have benefited from the gold-for-oil policy at the expense of the state. 

The former President pledged to initiate a comprehensive investigation into the matter if elected, to ensure transparency and accountability in such deals.

In conclusion, Mr. Mahama reiterated his stance against opaque government agreements that may disadvantage the nation and its citizens. 

He vowed to prioritise the interests of Ghana and its people, promising to address any issues of corruption or mismanagement that undermine the country's development.

"“We will investigate the opaque gold for oil programme and expose the actors benefiting from this so-called barter agreement. Reports reaching me suggest that a new debt burden is being created because Ghana has not been able to keep up with its delivery of gold under the programme.”

Vice President Mahamudu Bawumia introduced the Gold for Oil (G4O) policy in 2022 as a strategic move to address Ghana's declining foreign currency reserves and the increasing demand for dollars by oil importers.

These factors had contributed to the depreciation of the Cedi and the subsequent rise in living costs across the country.

The G4O program aims to stabilize the Cedi by leveraging Ghana's gold reserves to secure competitively priced oil. By selling gold, the government intends to alleviate pressure on the Cedi, mitigate the skyrocketing fuel prices, and address balance of payment challenges.

Since its inception, the G4O initiative has shown promising results. By March 2023, over 60,000 ounces of gold, valued at over $97 million, had been purchased from local mines.

However, the Precious Minerals Marketing Company (PMMC) has set ambitious targets, aiming to acquire at least 160,000 ounces of gold monthly, with a total value of around $300 million.

This level of gold acquisition could potentially cover up to 50% of the country's monthly oil demand.