The lack of transparency around the former government’s Gold-For-Oil plan has been questioned by Energy Minister John Jinapor.
Speaking on Joy FM in Accra on Tuesday, he stated, “There is a high level of opacity, and the clarity is not there.”
He cited the Auditor-General’s report, which had identified problems with the program and supported allegations of its inefficiency and lack of accountability.
Jinapor continued, “If it were that clear and transparent, we wouldn’t need the reforms we are pursuing.”
The present administration will end the Gold-for-Oil initiative and replace it with a better mechanism, the Energy Minister announced.
“You need time to put a workable system in place.”
“In the interim, we are making adjustments to reduce losses and enhance transparency, but ultimately, we will replace it,” he said.
With industry participants calling for a more stable and open framework, the government’s move to phase out Gold-for-Oil is anticipated to open the door for a new fuel price strategy.
Source: newsthemegh.com