John Jinapor, Ghana’s Minister of Energy-designate, made a surprising change in his stance on the controversial Gold for Oil policy during his appearance before Parliament’s Appointments Committee on January 13, 2025 as reported by Ghana Web on Wednesday, January 15, 2025.
The policy, which was introduced in February 2023 by the previous government under Vice President Dr. Mahamudu Bawumia, aimed to address Ghana’s foreign exchange crisis and stabilize fuel prices.
At the time, Jinapor, who was the Minority Spokesperson on Mines and Energy, had strongly criticized the initiative, even labeling it a “scam.”
In a post on X in November 2023, Jinapor had slammed the policy, claiming that it was nothing more than a “scam.” He had also pointed to the Bank of Ghana’s purported plan to end the policy, which the bank later denied.
However, during his confirmation hearings, Jinapor appeared to backtrack on his earlier criticism.
He stated, “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.”
He stated that the Gold for Oil policy was essential not only for stabilizing the cedi and fuel prices but also for supporting payments to Independent Power Producers (IPPs) and gas suppliers.
This unexpected turn has sparked a wave of reactions from Ghanaians, especially on social media, where many have expressed concern over what they perceive as inconsistencies in Jinapor’s position.
While Jinapor now supports the policy’s review, critics are questioning the rationale behind his earlier condemnation of the initiative.