The Member of Parliament for Yapei-Kusawgu, John Abdulai Jinapor, has said the government’s gold for oil policy is a fraudulent operation.

He added that even when the government was cautioned against the programme, they did not pay heed to the warnings.

The MP, made these comments after the Bank of Ghana (BoG) said it would gradually phase out the Gold-for-Oil policy, implemented in February 2023 to stabilize fuel prices.

He wrote on X: “When we cautioned them, Dr. Bawumiah’s response was, “Gold-for-oil’ is an initiative the textbooks won’t teach you”. G4oil was nothing but a scam! BOG now seeking to end it.”

As the economy begins to rebound, the Central Bank said the program has achieved its purpose and is no longer necessary.

“The Gold for Oil policy was a crisis management policy. We came in at the time in 2022 when the currency was depreciating very sharply and then prices at the pump became unbearable,” the Central Bank noted.

When we cautioned them, Dr. Bawumiah's response was, "Gold-for-oil’ is an initiative the textbooks won’t teach you". G4oil was nothing but a scam! BOG now seeking to end it. pic.twitter.com/Ob08BcUnjA

— John Abdulai Jinapor (@JohnJinapor) November 30, 2023