Audio By Carbonatix
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 on Saturday, October 4, 2025, 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
Latest Stories
-
Salah-Mane rivalry renewed in AFCON semi-finals
5 hours -
What does Trump’s foreign policy mean for World Cup?
5 hours -
Carrick confirmed as Man Utd caretaker head coach
5 hours -
CPS & JoyNews to hold public lecture on Ghana’s move to back currency with gold
6 hours -
Africa Education Watch supports calls for review of SHS teachers’ manual, curricula over gender controversy
6 hours -
Ntim Fordjour demands review of SHS teachers’ manual over gender controversy
6 hours -
GCB Bank hands over renovated dormitory to TAMASCO
6 hours -
Nkyinkyim Band to headline Ghana Independence celebration in London
7 hours -
NPP leadership has lost touch with grassroot – Dr Nyaho-Tamekloe
7 hours -
IGP’s Team nabs drug suspects in Tamale swoop; seizes cash, narcotics
7 hours -
NaCCA revises teacher manual, withdraws ‘gender definition’ content deemed contrary to Ghanaian values
7 hours -
Ntim Fordjour condemns gov’t over gender definition in curriculum
8 hours -
NPP must develop thick skin for criticism – Dr Asah-Asante
8 hours -
Auditor-General raises alarm over 2,000+ weapon interceptions at airports
8 hours -
Motorists lament years of faulty traffic lights at Poku Transport Junction
8 hours