Gold for Oil: Without transparency there will be corruption - Steve Manteaw

The spokesperson for the Civil Society Organization in the Extractive Industry, Dr. Steve Manteaw has warned that the Gold for Oil Programme risks failing woefully if government does not come clean on the terms and conditions.

According to him, the lack of transparency around the initiative can be a breeding ground for corruption which will be the downfall of the Programme if not addressed.

“People will be doing what ordinary people consider irrational because of the benefit they are gaining from it. There has not been any disclosure in terms of how the off taker of Ghana’s gold will be selected. So without that disclosure if I am the person leading the process I can just look for a friend from Dubai or the Middle East or wherever we intend to bring the petroleum product from, then enter some negotiation with them.

“So we sell the gold to you at a premium or at a discounted price so that there will be some gain in there and then we can split the gain between the two of us. I am not saying that is what has happened but without transparency that is probable,” Dr. Steve Manteaw said in an interview with Starr News.

The spokesperson for the Civil Society Organization in the Extractive Industry added, “Again, there is no disclosure in terms of how the supplier of the petroleum product is going to be selected. We have been told that the supplier of the 40,000 metric ton that has come through was delivered by Lethasco. How Lethasco was selected, you and I don’t know the terms of the transaction and pricing of the petroleum product you and I don’t know.”

Through the Oil for Gold Programme, government is looking to exchange gold for oil to ensure Ghanaians have access to cheaper fuel.