John Jinapor, the Minister-Designate for Energy, made a stunning comeback when he addressed the Appointments Committee of Parliament regarding the “Gold for Oil” policy.
John Jinapor, the Minority Spokesperson on Mines and Energy at the time, distorted the policy, which was first implemented by the previous administration in February 2023 and supported by Dr. Mahamudu Bawumia, the vice president at the time, in an effort to stabilize fuel prices and lessen Ghana’s currency crisis.
Jinapor called Bawumia’s introduction of the Gold for Oil policy a “scam” in a November 2023 post on his X account.
“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”, Jinapor posted on X, referencing an intention by the Bank of Ghana to end the policy which the Central Bank denied.
Curiously, John Jinapor supported the policy he had previously characterized as a scam during his appearance before the Appointments Committee.
“What we will do, we will review it. We will analyze it and ensure that we come out with a model that is fit for purpose that ensures that we account for the gold”, John Jinapor said.
Jinapor went on to say that the Gold for Oil policy will help pay gas and Independent Power Producers (IPPs) in addition to stabilizing the cedi and fuel prices.
