The Institute for Economic Research, Policy, and Practice (IERPP) has issued a strong call for Parliament to summon both the Minister of Finance and the Governor of the Bank of Ghana (BoG) to clarify contradictory statements made about the Gold for Oil (G4O) programme.
In a statement released on Tuesday, August 12, 2025, the IERPP expressed grave concern over what it described as “blatantly conflicting official accounts” provided by Finance Minister Dr. Cassiel Ato Forson and BoG Governor Dr. Johnson Pandit Asiama regarding the controversial policy, which was introduced under the previous administration.
According to the IERPP, on March 3, 2025, BoG Governor Dr. Asiama confirmed that the G4O programme had been active but was later suspended due to operational and policy-related difficulties.
Additionally, on August 11, 2025, the First Deputy Governor disclosed that 27.63 tonnes of gold were exchanged for 1.95 million metric tonnes of petroleum products under the programme.
However, in stark contrast, Finance Minister Dr. Forson stated on July 25, 2025, that “there was no barter, never, never,” asserting that the G4O initiative involved only standard dollar payments for oil and not a gold-for-oil swap.
“These statements cannot both be accurate.
“Ghanaians deserve more than contradictory soundbites, they deserve the truth. This level of inconsistency severely undermines Ghana’s economic credibility both at home and abroad,” IERPP stated.
The IERPP is therefore calling on Parliament to “immediately summon the Minister of Finance and the Governor of the Bank of Ghana to present reconciled, independently verifiable data on the G4O programme.”
The statement concluded, “The truth must be placed on public record. Restoring public trust and confidence in Ghana’s economic governance depends on it”.
