EX-BoG official exposes ‘Gold for Oil’ flaws

Former Bank of Ghana Deputy Governor Johnson Asiama has criticized the government’s ‘Gold for Oil’ initiative, led by Vice President Dr. Mahamudu Bawumia.

Asiama, who served under the NDC, argued that the program, which allows oil payments with gold, lacks transparency and has become burdensome for the Central Bank.

Despite claims of stabilizing the cedi, he noted that the Bank does not benefit from the gold sales and that the initiative suffers from poor planning and opacity.

Asiama called for a reevaluation and suggested using a private entity for better management.

Read full article