Former Managing Director (MD) of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr. Edwin Alfred Nii Obodai Provencal, has firmly denied allegations that the Gold for Oil (G4O) Programme lacked transparency. His remarks were in response to statements made by Dr. Riverson Oppong, CEO of the Association of Oil Marketing Companies (AOMC), who had criticized the programme for lacking transparency and failing to stabilize energy prices and contributing to fuel shortages in late 2024.
Dr. Oppong’s critique centered on claims that the G4O programme lacked transparency in decision-making and financial management. However, Dr. Provencal pushed back against these allegations, emphasizing that several key institutions were involved in the programme, including the Ministry of Finance, Ministry of Energy, Bank of Ghana, and the National Petroleum Authority (NPA).
“It is totally untrue that the programme was opaque because any stakeholder that needed information then and now can source it from any of these institutions,” Dr. Provencal asserted.
He also highlighted the programme’s role in stabilizing fuel prices and reducing pressure on foreign exchange reserves. “Premiums on petroleum products dropped from $135 per metric tonne to $65, and diesel prices fell from GHS 23 per litre in November 2022 to GHS 15.45,” he stated.
According to Dr. Provencal, the G4O programme played a crucial role in stabilizing the Ghanaian cedi, preventing sharp depreciation that would have worsened the country’s economic conditions. He also dismissed claims of fuel shortages in late 2024, explaining that while international oil suppliers temporarily diverted shipments during the election period due to uncertainty, the National Petroleum Authority confirmed that no shortages occurred.
Financial analyst Joe Jackson, a former critic of the programme, has since acknowledged its contribution to preventing further cedi depreciation, according to Dr. Provencal.
Despite these defenses, the future of the G4O programme remains uncertain. Energy Minister John Jinapor has indicated that the government plans to review and possibly discontinue the initiative, stating, “The current Gold-for-Oil programme we’ve inherited—we will discontinue it. Take it from me.”
As the government reconsiders its fuel procurement strategy, analysts are closely monitoring developments to see whether Ghana will adopt a fully market-driven approach or reform the G4O programme. The debate over G4O reflects the broader challenge of balancing foreign exchange stability, fuel pricing, and economic transparency in Ghana’s energy sector.
