Finance Minister Dr. Cassiel Ato Forson has strongly criticised the Gold-for-Oil policy introduced by the Akufo-Addo administration, describing it as ineffective and misleading.
Speaking in an interview with Joy TV on Thursday, July 24, shortly after presenting the 2025 Mid-Year Budget Statement to Parliament, Dr. Ato Forson said the policy did not operate as a true barter system, contrary to claims by the former government.
The policy, championed by former Vice President Dr. Mahamudu Bawumia, had been credited by the previous administration as a major contributor to the cedi’s stability.
However, Ato Forson dismissed those claims, insisting the gold was never exchanged directly for oil.
According to him, while the Bank of Ghana did purchase gold, it was merely added to the country’s reserves.
Dr. Ato Forson’s comments cast fresh scrutiny on the Gold-for-Oil initiative, which was launched to reduce pressure on foreign exchange reserves and stabilise fuel prices during a period of economic turmoil.
“I’m not aware that there was a direct barter. Gold-for-Oil didn’t work properly. BoG was paying the suppliers of the crude oil and petroleum products with cash. That is what they were doing; they never paid them with gold. It was pure trade, nothing more than what they were touting. Nothing, it was far from what they were touting. It was nothing; there was no barter where gold was going to change for oil.
“No, nothing of the sort happened. I’m telling you for a fact, there was no barter. They were keeping the gold. You could see that the gold reserves increased; that was a fact. They were keeping the gold they were buying,” He stated.
