‘Gold-for-Oil failed to curb prices, we await a better solution – Dr Riverson Oppong

Dr. Riverson Oppong, CEO of the Association of Oil Marketing Companies (AOMCs) and LPG Marketing Companies, has criticized the Gold-for-Oil (G4O) programme, stating it failed to stabilize energy prices and contributed to fuel shortages.

Speaking on Joy News’ PM Express on February 4, he argued that the initiative did not lower fuel costs as intended and created challenges for Bulk Oil Distribution Companies (BDCs) in planning imports.

His concerns align with Energy Minister John Jinapor, who cited a lack of transparency and affirmed that the government will discontinue the programme.

Jinapor emphasized the need for reforms to replace G4O with a more effective policy, ensuring reduced losses and improved oversight. The administration plans to implement a structured system through parliamentary approval.