Gold for oil agreement must go before Parliament for approval – Mahama

Former President John Dramani Mahama says government must put before Parliament, the gold for oil policy for parliamentary scrutiny and approval since the deal is an international financial transaction.

“According to the 1992 Constitution of Ghana international financial transactions require the approval of Parliament,” he stated at a public forum in London, adding “it does not matter that the gold for oil deal is a barter trade.”

Speaking in response to a question at the forum, attended by members of the UK & Ireland Chapter of the National Democratic Congress (NDC), President Mahama cited the Sinohydro agreement that exchanges the country's bauxite for infrastructure development by China as a classic example of batter trade.

He further explained that if the Sinohydro agreement was a barter deal and went to Parliament for approval, because it is an international financial transaction, why not the current deal in which Ghana's gold is being exchanged for oil.

The former President noted that the deal is currently shrouded in complete secrecy with only government officials who are involved in the transaction knowing the details, describing the development as unacceptable.

“There is a complete lack of transparency about the transaction, and that is one of the major problems with this government. They hide everything and do as they please”, he noted.

Mr. Mahama believes with parliamentary scrutiny, Ghanaians will have value for money in the gold-for-oil deal and also know the beneficial owners behind the transaction.

By Citi Newsroom