{"id":73473,"date":"2024-05-17T17:26:18","date_gmt":"2024-05-17T17:26:18","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/uncategorized\/thank-you-sir-the-day-of-reckoning-will-come-soon-mogtari-on-mahamas-resolve-to-probe-gold-for-oil-policy"},"modified":"2024-05-17T18:00:00","modified_gmt":"2024-05-17T18:00:00","slug":"thank-you-sir-the-day-of-reckoning-will-come-soon-mogtari-on-mahamas-resolve-to-probe-gold-for-oil-policy","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/thank-you-sir-the-day-of-reckoning-will-come-soon-mogtari-on-mahamas-resolve-to-probe-gold-for-oil-policy","title":{"rendered":"Thank you sir, the day of reckoning will come soon \u2013 Mogtari on Mahama\u2019s resolve to probe Gold for Oil policy"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Ghana. <\/strong><\/span><b>Joyce Bawah Mpgtari, special aid to the flagbearer of the National Democratic Congress (NDC) John Dramani Mahama has welcomed the decision by the former president to investigate the Gold-for-Oil policy introduced by the Akufo-Addo administration.<\/b><\/p>\n<p>In a post on her X platform, she said \u201cThank you Sir! The day of reckoning will come soon!\u201d<\/p>\n<p>Mr Mahama, while speaking at the 3rd Annual Transformational Dialogue on Small-scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani, on Wednesday, May 15 promised to assess the government\u2019s gold-for-oil policy if he becomes president again this year\u2019s elections.<\/p>\n<p>He expressed concerns over the lack of transparency surrounding the arrangement and emphasised the need for a thorough investigation.<\/p>\n<p>Mr. Mahama asserted that the opaque nature of the gold-for-oil deal raises questions about accountability and fairness.<\/p>\n<p>\u201cWe will investigate the opaque gold for oil programme and expose the actors benefiting from this so-called barter agreement. Reports reaching me suggest that a new debt burden is being created because Ghana has not been able to keep up with its delivery of gold under the programme,\u201d he said.<\/p>\n<p>We can\u2019t afford to watch as our natural resources are plundered \u2013 Mahama on galamsey<\/p>\n<p>Vice President Mahamudu Bawumia introduced the Gold for Oil (G4O) policy in 2022 as a strategic move to address Ghana\u2019s declining foreign currency reserves and the increasing demand for dollars by oil importers.<\/p>\n<p>These factors had contributed to the depreciation of the Cedi and the subsequent rise in living costs across the country.<\/p>\n<p>The G4O program aims to stabilize the Cedi by leveraging Ghana\u2019s gold reserves to secure competitively priced oil. By selling gold, the government intends to alleviate pressure on the Cedi, mitigate the skyrocketing fuel prices, and address balance of payment challenges.<\/p>\n<p>Since its inception, the G4O initiative has shown promising results. By March 2023, over 60,000 ounces of gold, valued at over $97 million, had been purchased from local mines.<\/p>\n<p>However, the Precious Minerals Marketing Company (PMMC) has set ambitious targets, aiming to acquire at least 160,000 ounces of gold monthly, with a total value of around $300 million.<\/p>\n<p>This level of gold acquisition could potentially cover up to 50% of the country\u2019s monthly oil demand.<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/ghana\">Ghana<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Ghana. Joyce Bawah Mpgtari, special aid to the flagbearer of the National Democratic Congress (NDC) John Dramani Mahama has welcomed the decision by the former president to investigate the Gold-for-Oil policy introduced by the Akufo-Addo administration. In a post on her X platform, she said \u201cThank you Sir! The day of reckoning will [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":73472,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,7,12],"tags":[5092,5096,429],"class_list":["post-73473","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-head-lines","category-policy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Thank you sir, the day of reckoning will come soon \u2013 Mogtari on Mahama\u2019s resolve to probe Gold for Oil policy - Ghana<\/title>\n<meta name=\"description\" content=\"Joyce Bawah Mpgtari, special aid to the flagbearer of the National Democratic Congress (NDC) John Dramani Mahama has ...\" \/>\n<meta name=\"robots\" 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