The Institute for Economic Research, Policy, and Practice (IERPP) has urged Parliament to summon Finance Minister Dr. Cassiel Ato Forson and Bank of Ghana (BoG) Governor Dr. Johnson Asiama to clarify conflicting accounts of Ghana’s flagship Gold-for-Oil (G4O) programme.
In a statement issued Tuesday, August 12, 2025, the think tank voiced “grave concern” over “official conflicting statements” on the policy, which was launched in late 2022 under the previous administration to exchange domestically sourced gold for petroleum products an effort to cut dollar demand for fuel imports during the economic crisis.
According to the IERPP, BoG Governor Dr. Asiama confirmed on March 3, 2025, that the G4O programme had been operational but was later suspended due to “policy and operational challenges.” This was reinforced on August 11, when the First Deputy Governor disclosed that 27.63 tonnes of gold were used to settle 1.95 million metric tonnes of petroleum products under the arrangement.
However, the Finance Minister appeared to flatly contradict that narrative. On July 25, 2025, Dr. Forson stated unequivocally. “There was no barter never, never,” insisting the scheme amounted to nothing more than conventional dollar-based payments for oil.
“These statements cannot both be true. Ghanaians deserve more than contradictory soundbites; they deserve facts,” the IERPP argued, warning that such discrepancies “damage Ghana’s credibility.”
The institute is calling for an urgent parliamentary hearing where both officials must present “reconciled, verifiable data” on the programme, stressing that “the truth must be placed on public record to restore confidence in our economic management.”
