Minister of Energy-designate, John Jinapor, made a surprising retreat over the Gold for Oil policy when he appeared before the Appointments Committee of Parliament on Monday, January 13, 2025.

The policy, introduced by the previous government in February 2023 and championed by then Vice President Dr. Mahamudu Bawumia to mitigate Ghana's forex crisis and stabilize fuel prices, was heavily criticized by John Jinapor, then Minority Spokesperson on Mines and Energy.

In a post on his X account in November 2023, which was widely reported in the media, Jinapor lambasted Dr. Bawumia for introducing the Gold for Oil policy, describing it as a "scam."

“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,” Jinapor posted on X, referencing a purported intention by the Bank of Ghana to discontinue the policy, which the Central Bank denied at the time.

However, during his appearance before the Appointments Committee, John Jinapor intriguingly embraced the policy he once dismissed as a scam.

"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,” Jinapor said.

In addition to stabilizing the cedi and fuel prices, Jinapor added that the Gold for Oil policy would also support payments to Independent Power Producers (IPPs) and gas suppliers.

To justify his new stance, John Jinapor cited the November 2023 reports alleging an end to the policy, which the Central Bank had denied in a statement at the time.

Meanwhile, many Ghanaians on social media have highlighted the inconsistencies and perceived double standards in the position of the Energy Minister-designate.

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