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John Jinapor reverses stance on Gold for Oil policy after previously labeling it as scam

General News Minister of Energy-designate John Jinapor
WED, 15 JAN 2025
Minister of Energy-designate John Jinapor

Minister of Energy-designate John Jinapor has made an unexpected about-face on the Gold for Oil (G4O) policy during his vetting by Parliament's Appointments Committee on Monday, January 13, 2025.

The policy, launched in February 2023 by the previous government under the leadership of then Vice President Dr. Mahamudu Bawumia, aimed to stabilize fuel prices and address Ghana's forex challenges.

At the time, Jinapor, serving as the Minority Spokesperson on Mines and Energy, was a vocal critic, dismissing the initiative as a "scam."

In a November 2023 post on X (formerly Twitter), Jinapor wrote, "When we cautioned them, Dr. Bawumia's response was, 'Gold-for-oil is an initiative the textbooks won't teach you.' G4Oil was nothing but a scam! The BoG is now seeking to end it."

The Bank of Ghana, however, refuted claims of discontinuing the policy.

Fast forward to his ministerial vetting, Jinapor now sees the sense in the policy. He pledged to review and refine the initiative to operate with enhanced accountability and efficiency.

"What we will do is review it, analyze it, and ensure that we develop a model that is fit for purpose and guarantees accountability for the gold," he said.

Jinapor now sees potential in the policy not only for stabilizing the cedi and fuel prices but also for supporting payments to Independent Power Producers (IPPs) and gas suppliers.

Gideon Afful Amoako
Gideon Afful Amoako

A journalist passionate about social issues, politics and current affairs.Page: gideon-afful-amoako

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