Finance Minister Dr. Cassiel Ato Forson has revealed that the popular Gold for Oil policy, introduced under the previous government, was not truly a barter system as Ghanaians were made to believe. Instead, he says, the policy was a regular cash-for-oil deal, where the Bank of Ghana (BoG) simply paid for oil in US dollars — not gold.
Speaking on JoyNews PM Express, Dr. Forson explained that there was never a moment when gold was directly exchanged for oil. This new information challenges earlier claims that the policy helped stabilize the Ghanaian cedi.
“It didn’t work as they said. The Bank of Ghana paid suppliers in dollars — not in gold. Never, never,” he stated during the interview with Evans Mensah.
He described the supposed gold-for-oil program as “pure trade” that was far from the barter-style system advertised to the public. According to him, a supplier based in the United Arab Emirates worked with Ghana’s Chamber of Bulk Oil Distributors (CBOD), and in the end, the BoG provided dollars to cover the cost — using cedis paid by the distributors.
“There was no exchange of gold for oil. That never happened,” Dr. Forson added.
Gold Reserves Confused with Barter
Dr. Forson noted that while the BoG was buying and storing gold, this was part of its gold reserve program, not the gold-for-oil deal.
“BoG buying gold to keep is completely different from exporting gold to get foreign currency,” he clarified.
“People are mixing the two ideas, but they are not the same.”
He emphasized that the gold-for-oil idea — as promoted — never became reality. There was no direct barter, no shipment of gold in return for petroleum products.
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When asked if he had verified the facts with the central bank, he responded:
“Yes, I asked them. They were just adding the gold to their reserves. There was no real barter at all.”
A Shift Toward Transparency
These revelations come shortly after Dr. Forson presented the 2025 Mid-Year Budget Review to Parliament. His comments mark a possible turning point in the government’s efforts toward transparency and accountability in economic policymaking.
This new insight into the “gold-for-oil” policy raises fresh questions about how past economic strategies were communicated to the public, and whether they delivered the promised impact.
source: myjoyonline
