Oil marketing chamber calls for audit of Gold-for-Oil program

The Chamber of Oil Marketing Companies (COMAC) is demanding an independent audit of the financial performance of the Bulk Energy Storage and Transportation (BEST) Company under Ghana’s Gold-for-Oil (G4O) program, citing concerns over its effectiveness.

The G4O initiative was introduced to ease foreign exchange pressures by using Ghana’s gold reserves to purchase refined petroleum products, with the goal of stabilizing domestic fuel prices. However, COMAC argues that the program has met only about 30% of Ghana’s petroleum needs and has failed to deliver significant forex stability.

The chamber has also raised concerns over BEST’s role in oil trading, noting that the company had no prior experience in the sector. According to COMAC, this lack of expertise has resulted in financial losses and potential fuel shortages.

In response, the chamber is advocating for a shift from the Gold-for-Oil model to a Gold-for-Forex (G4F) approach, where gold reserves would be used to stabilize the foreign exchange market. This, they argue, would ensure that oil importers have sufficient forex liquidity to meet demand.

COMAC is also calling for broader reforms in Ghana’s downstream petroleum sector, including increased investment in domestic refining capacity, improved fuel storage and distribution networks, and stronger regulatory oversight to eliminate inefficiencies.

While the government has yet to respond to these recommendations, industry analysts believe a thorough audit of BEST’s financial performance could be critical in shaping future policies on resource management and economic stability.