BRIGHT SIMONS CONDEMNS MIDDLEMEN PROFITS IN GH₵7 BILLION GOLD FOR OIL LEAK

Bright Simons, Vice President of IMANI Africa, has strongly criticized the role of intermediaries in Ghana’s Gold for Oil programme following a report from his organization that revealed a GH₵7 billion leakage.

Speaking on JoyNews’ Newsfile, Simons said that those who benefited from the policy were not ordinary Ghanaians but a small group of brokers and middlemen who took advantage of the monetization process for personal gain. He stated that the only people who benefited were those involved in facilitating the shipment of fuel to the Bulk Oil Storage and Transportation Company (BOST).

Simons noted that Ghana could have achieved the objectives of the Gold for Oil programme through a more transparent and direct approach without the involvement of middlemen. According to him, the country could simply purchase gold locally in cedis, sell it internationally, and use the foreign exchange to buy fuel. This, he explained, would promote transparency and efficiency within existing policy frameworks.

The IMANI Africa report, which revealed a GH₵7 billion leak, has raised major concerns about the integrity and effectiveness of the Gold for Oil initiative. The programme was introduced by the government to stabilize fuel prices and reduce pressure on Ghana’s foreign exchange reserves.