Energy Minister-designate John Abdulai Jinapor has outlined mechanisms for addressing the gold-for-oil policy should he be made minister for the sector.

Referring to a publication dated November 28, 2023, which stated, "Bank of Ghana to phase out Gold for Oil policy, Bank of Ghana governor announces," he said, “I think that they are rather re-vindicating my position that it was not well thought out.”

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Speaking during his vetting by Parliament’s Appointments Committee, Mr. Jinapor pointed out that if the policy had been effective in solving the problem, it would not have been abolished.

However, he shared strategies on how the policy will be tackled once he becomes the Minister for Energy, assuring that gold will be properly accounted for.

“What we will do, we will review it, we will analyze it, and ensure that we come out with a model that is fit for purpose, that ensures that we account for the gold,” he said.

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Mr. Jinapor also revealed that the government plans to establish a Gold Board, which will oversee the policy, support fuel imports, and facilitate the payment of Independent Power Producers (IPPs) and gas suppliers.

He further emphasised that the government is focusing on a holistic, comprehensive approach, rather than a narrow one.