From Hope to Scandal: The Truth Behind Ghana’s Gold For Oil Exchange

When Vice President Mahamudu Bawumia announced in late 2022 that the government had thought up a game-changing barter arrangement to exchange gold for oil, the accompanying promise was that the Gold for Oil (G40)  programme would tame the wild fluctuation in the prices of petroleum products in Ghana and also help stabilize the local currency (the cedi).

But a year after its initiation, fuel prices remain volatile, and the cedi has further depreciated against major currencies.  What went wrong?

Investigations by WhatsUp News suggest that the G40 program, heralded as a currency stabilizer, may have been a smokescreen

Instead, it appears to have served as a channel for certain individuals linked to the Akufo-Addo/Bawumia government to siphon millions for personal gain and, while at it, set some of the dirty money aside for the forth-coming election campaigns.

The unravelling scandal of the G40 initiative reveals a web of corruption and money laundering reaching high levels of government.

Details point to a scheme that has drained state funds while enriching a network of insiders and government associates, involving key figures from the presidency, central bank, Clergy men, and ruling party with their business cronies, alongside offshore collaborators.

A festering can of worms, the programme has been a money pit that has bled the state’s coffers but benefited a ring of state actors and government amigos.

There is a chance that this scandal could be the biggest yet for the Akufo-Addo, Bawumia government.

The International Monetary Fund (IMF) has expressed unease over the lack of transparency surrounding the program, hinting at broader implications.

But in a strange twist of disjointed logic, the Bank of Ghana claims the programme has achieved its purpose but will be phased out.

Notably, the Bank of Ghana’s decision to abruptly phase out the program, despite claims of its success, has raised suspicion and fueled speculation. As the controversy unfolds, scrutiny on the G40 scandal is expected to intensify, with lingering questions about the motivations behind the program’s termination. Stay tuned for further developments.