Ato Forson: NPP’s Gold-for-Oil Was Not a Barter Trade; It Didn’t Work as Advertised
Finance Minister accuses the previous government of misleading Ghanaians, says oil was paid for in cash despite gold purchases.
- Ato Forson says no gold was ever traded for oil under the policy
- The Bank of Ghana paid suppliers in cash, while keeping the gold in reserves
- He calls the Gold-for-Oil policy misleading and ineffective
Finance Minister Dr. Cassiel Ato Forson has slammed the Gold-for-Oil initiative rolled out by the previous Akufo-Addo-Bawumia administration, arguing that the much-touted barter arrangement never truly existed.
Speaking in an interview with Joy TV on Thursday, July 24, monitored by Lawsonmultimedia.com shortly after delivering the 2025 Mid-Year Budget Statement, Dr. Forson said the policy was misrepresented to the public. Contrary to earlier claims that gold was directly exchanged for oil, he clarified that the Bank of Ghana (BoG) simply purchased gold for reserves and continued to pay for oil imports in cash.
“I’m not aware of any direct gold-for-oil barter. It didn’t work as claimed. BoG paid in cash—there was no gold exchanged,” he asserted.
He added that while the country’s gold reserves increased, the gold was never used in transactions with fuel suppliers.
The Gold-for-Oil policy, introduced to reduce pressure on the cedi and stabilize fuel prices during a period of economic distress, now faces fresh scrutiny. Dr. Forson described it as nothing more than a conventional trade agreement, far from the barter system Ghanaians were led to believe.
