Gold4Oil was parodic; GoldBod inspires investor confidence – Khalid

Professor Sharif Khalid Mahmud is the Economic Advisor to Vice President Naana Jane Opoku-Agyemang. He criticized the previous administration’s Gold4Oil program. He called it a “parodic” initiative.

In contrast, he praised the current government’s GoldBod initiative. He stated that GoldBod is backed by legislation and offers more assurance to investors.

Prof. Khalid spoke on The Point of View on Channel One TV on May 21. He said, “Your gold for oil programme was parodic.” He noted it was copied from other developing economies.

He emphasized that GoldBod has a stronger institutional and legal foundation. “This is a programme—the GoldBod—backed by legislation,” he added. This gives investors more confidence.

The GoldBod initiative is formally known as the Ghana Gold Board. It was established under the Ghana Gold Board Act (Act 1140). Parliament passed this act on March 29, 2025, and President John Dramani Mahama assented to it on April 2, 2025.

The Act grants GoldBod exclusive authority over gold trade activities. This includes buying, selling, and exporting gold and other precious minerals. The legal framework aims to structure Ghana’s gold trade and stabilize the local currency.

It also seeks to enhance revenue from gold exports.