Gold for Oil Deal Lacks Transparency; It Must Go Before Parliament – Mahama

Former President, John Dramani Mahama says government must put before Parliament, the Gold for Oil agreement for parliamentary scrutiny and approval since the deal is an international financial transaction.

The former President said this at a forum with members of the UK and Ireland Chapter of the National Democratic Congress (NDC) in London over the weekend.

Speaking in response to a question, ex President Mahama cited the Sinohydro agreement that exchanges the country’s bauxite for infrastructure development by China as a classic example of barter trade. 

“According to the 1992 Constitution of Ghana, international financial transactions require the approval of Parliament,” he stated, adding “it does not matter that the Gold for Oil deal is a barter trade.”

He further explained that if the Sinohydro agreement was a barter deal and went to Parliament for approval because it is an international financial transaction, why not the current deal in which Ghana’s gold is being exchanged for oil. 

The former President noted that the deal is currently shrouded in complete secrecy with only government officials who are involved in the transaction knowing the details

He described the development as unacceptable. 

“There is a complete lack of transparency about the transaction, and that is one of the major problems with this government. They hide everything and do as they please”, he noted. 

Mr. Mahama believes with parliamentary scrutiny, Ghanaians will have value for money in the gold for oil deal and also know the beneficial owners behind the transaction.