The Chief Executive of the Association of Oil Marketing Companies (AOMCs) and LPG Marketing Companies, has expressed dissatisfaction with the Gold-for-Oil (G4O) programme, stating that it did not serve its intended purpose.

Dr Riverson Oppong speaking on Joy News’ PM Express on Tuesday, February 4, said the initiative failed to stabilise energy prices and even contributed to fuel shortages towards the end of the year.

"In the long run, because we have seen how this was introduced, and also the fact that it absolutely didn't curb energy pricing in any way.

"But rather, in the latter days of the year, we saw energy, in terms of fuel shortage in the country, because the BDCs could not plan along with the Gold-for-Oil supply, and therefore we were reluctant in importing," he explained.

He further questioned whether the programme had achieved its primary goal of reducing fuel prices.

"In terms of the pricing, did Gold-for-Oil bring prices down as we anticipated? The answer is a big no," he stated emphatically.

"So we industry players are waiting to hear from government on what it intends to bring on board to replace the existing framework, and I believe with dialogue we will be able to bring a better solution."

His concerns align with those of Energy Minister John Jinapor, who also appeared on the show and criticised the lack of transparency surrounding the initiative.

"There’s a high level of opacity, and the clarity is not there," he stated.

"The Auditor General has flagged it. So it’s not just what we are saying—it is a fact. 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."

Mr Jinapor further indicated that the current administration would discontinue the programme and replace it with a better policy.

"The current Gold-for-Oil programme we've inherited—we will discontinue. You need some time to put a workable system in place. If you want to set up a cohort, you have to go to Parliament, have some legal battle. 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."