The Ghana Extractive Industry Transparency Initiative (GHEITI) is demanding a parliamentary inquiry into government’s Gold for Oil policy citing opacity and lack of accountability of the programme.

Vice President, Dr Mahamadu Bawumia on Sunday gave fresh details about how he convinced an undefined businessman to purchase gold worth GH₵3.1 billion from the vault of the Bank of Ghana.

According to the Vice President, Ghana’s economy was almost collapsing, similar to the worst-case scenario of Sri Lanka, which is why he called on the Governor of the Central to commence the purchase of gold “overnight.”

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Despite the Vice President’s explanation, the co-chair of the Ghana Extractive Industry Transparency Initiative, Dr Steve Manteaw in an interview with JoyNews says government is yet to make more disclosures on the gold for oil policy.

He asserted that intermediaries working on the transactions remain shady.

“The whole god for oil programme has been shrouded in secrecy, in ways that do not build public trust. If the Vice President can provide further details on this issue, it will help to build public trust and perhaps we will be able to confirm the assertions that he is making,” he said.

Dr Manteaw noted that there is a need to understand the cost aspect of the transaction and not just the benefits, adding that it will be “beneficial in unearthing any acts of corruption in these transactions.”

Owing to government’s failure to audit the programme, Dr Manteaw indicated that a parliamentary enquiry will be required to bring more clarity to the project. 

“…We wanted government on its own to make these disclosures but since the government has failed or refused to make these disclosures, I think a parliamentary probe will be in order,” he stated.

However, the spokesperson for the Bawumia campaign, Dennis Miracles Aboagye says government has nothing to hide from the programme.

According to him, Civil Society Organisations (CSOs) could file a Right to Information (RTI) request if they feel that more questions remain unanswered.

He added that the programme is not opaque, as the Bulk Oil Storage and Transportation Company Limited (BOST) and the Bank of Ghana (BoG) release weekly reports on the gold-for-oil deal.

“..I don’t think he is entirely objective in some of the issues he raises. We are in the space of RTI, you have a committee, write to demand for it – it is law. If it is true that you don’t have access to this information, request for it, and you will get it,” he said.