Oppong-Nkrumah Refutes Claims Gold for Oil Programme Was Nonexistent

Kojo Oppong-Nkrumah, Vice Chairman of Parliament’s Economy and Development Committee, has strongly dismissed claims that the government’s Gold for Oil Programme was a hoax, calling such assertions “propaganda.”

In a Facebook post on Tuesday, August 5, the Ofoase-Ayirebi MP revealed that during a recent meeting with officials from the Bank of Ghana (BoG), data confirmed that about $1.7 billion worth of fuel cargo had been procured through the initiative.

“Ignore the propaganda that there was no Gold for Oil programme,” he wrote.

Oppong-Nkrumah emphasized that the programme not only helped secure critical fuel supplies but also strengthened the country’s foreign exchange reserves. He credited the Gold Purchase Programme for contributing to this, citing a 43% increase in gold prices and a 90% rise in cocoa prices between the first halves of 2024 and 2025.

“The Gold Purchase Programme has been a masterstroke,” he added, noting that the BoG plans to begin hedging part of its gold reserves to sustain the gains made.

On the issue of liquidity, Oppong-Nkrumah stated that the BoG had successfully sterilised GH¢60 billion since January to manage inflation and monetary stability. He urged the central bank to redirect some of these funds into productive sectors, including the Venture Capital Trust Fund and the Ghana Stock Exchange, to help boost economic growth and job creation.

Amid growing concerns over dollar shortages, he also revealed that the BoG is currently examining the net forex positions and Nostro accounts of commercial banks to better understand the mismatch between forex availability and market demand.

The Gold for Oil programme, launched in late 2022, was designed to leverage Ghana’s gold resources to purchase oil directly, reduce demand for U.S. dollars, and stabilize the local currency. Despite early skepticism and challenges, the government has consistently defended its success.