In a candid revelation, Finance Minister Dr. Cassiel Ato Forson has dispelled popular beliefs about the controversial “Gold for Oil” policy under the previous administration, stating that the arrangement never involved a direct exchange of gold for petroleum products.
Speaking on JoyNews’ PM Express, Dr. Forson explained that the widely publicized scheme, often credited with stabilizing the cedi, was in reality a conventional cash transaction rather than a barter deal.
“The Bank of Ghana was essentially paying oil suppliers in cash, not gold,” he asserted, emphasizing that the touted barter was a misconception.
The Minister detailed that suppliers, located in the Emirates, supplied crude oil to Chamber Bulk Oil Distribution (CBOD), which then handled payments in cedi to the Bank of Ghana. The central bank, in turn, paid for the oil in foreign currency. “It was pure trade, far from the claims of gold-for-oil barter,” he stressed.
Dr. Forson also clarified that while the Bank of Ghana was increasing its gold reserves by purchasing gold as part of a reserve accumulation program, this was distinct from any barter scheme. “Buying and holding gold as reserves is different from exchanging gold directly for oil,” he noted.
Asked about the possibility of indirect forex relief through the gold reserves, the Finance Minister maintained, “There was no direct barter. I can confirm that for a fact.”
These revelations come on the heels of the Finance Minister’s presentation of the 2025 Mid-Year Fiscal Policy Review to Parliament, underscoring the government’s commitment to transparency and accuracy regarding economic policies and claims.
