Energy Minister John Jinapor has criticized the lack of transparency surrounding the outgone government's Gold-For-Oil initiative.

“There’s a high level of opacity, and the clarity is not there,” he said while speaking on Accra-based Joy FM on Tuesday.

He referenced the Auditor-General’s report, which had flagged issues with the programme, reinforcing claims that it lacked accountability and efficiency.

“If it were that clear and transparent, we wouldn’t need the reforms we are pursuing,” Jinapor added.

The Energy Minister confirmed that the current administration would discontinue the Gold-for-Oil programme and replace it with a better system.

“You need time to put a workable system in place.

In the interim, we are making adjustments to reduce losses and enhance transparency, but ultimately, we will replace it,” he stated.

The government’s decision to phase out Gold-for-Oil is expected to pave the way for a new fuel pricing policy, with industry players advocating for a more predictable and transparent framework