Gold for Oil: From Calling It ‘Scam’ To Promising To Work With It – John Jinapor’s Double Stance REVEALED!
Minister for Energy designate, John Jinapor, beat a stunning retreat yesterday over the “Gold for Oil” policy when he appeared before the Appointments Committee of Parliament.
The policy, introduced by the erstwhile government in February 2023 and championed by then Vice President, Dr. Mahamudu Bawumia, to mitigate Ghana’s forex crisis and stabilize fuel prices, was bastardized by John Jinapor, then Minority Spokesperson on Mines and Energy.
In a post on his X account in November 2023, Jinapor slammed Bawumia for introducing the Gold for Oil policy, describing it as a “scam”.
“When we cautioned them, Dr. Bawumiah’s response was, “Gold-for-oil’ is an initiative the textbooks won’t teach you”. G4oil was nothing but a scam! BOG now seeking to end it”, Jinapor posted on X, referencing a an intention by the Bank of Ghana to end the policy but the Central Bank denied.
At his appearance before the Appointments Committee, John Jinapor, interestingly, embraced the policy he once described as a scam.
“What we will do, we will review it. We will analyze it and ensure that we come out with a model that is fit for purpose that ensures that we account for the gold”, John Jinapor said.
Beyond stabilizing the cedi and fuel prices, Jinapor added that the Gold for Oil policy will also support the payment of Independent Power Producers (IPPs) and gas.
Seeking to justify his contradictory stance, John Jinapor referenced the November 2023 publication alleging an end to the policy but many Ghanaian have pointed out the inconsistencies and double standards of the Energy Minister designate.
Source: Ghmessenger.com
