Ricketts Hagan Vows Legal Action Against Architects of ‘Gold for Oil’ Policy

Accra: Deputy Majority Leader, Kwaku Ricketts Hagan, has announced that individuals responsible for the 'Gold for Oil' programme during the previous Akufo-Addo administration will soon be held accountable in court. Hagan, who also serves as the Board Chairman for the Ghana Revenue Authority (GRA), criticized the initiative as 'useless,' claiming it squandered millions of cedis without providing tangible benefits to the populace. According to Ghana Web, Hagan revealed on Power 97.9 FM's 'Asem Kesie' programme that he is aware of ongoing investigations into the deal. He assured listeners that those involved will be called to answer for their participation. Hagan emphasized that while the judicial process can be slow, justice will eventually be served. Although he does not have a role in the Attorney General's Department, he expressed confidence that accountability is on the horizon. The 'Gold for Oil' policy, introduced in late 2022 under Vice President Dr Mahamudu Bawumia, was intended to combat rising fuel prices and stabilize the cedi by trading domestically sourced gold for petroleum imports. Despite these goals, Hagan argued the policy failed amid high living costs and was marred by corruption, resulting in a financial setback for the state. In comparison, Hagan praised the Mahama administration for implementing effective measures to stabilize Ghana's currency and provide relief to its citizens. He noted that contrary to its promises, the 'Gold for Oil' policy did not positively impact Ghanaians. The plan was initially launched during a period when inflation surged above 50%, compounded by the cedi's sharp depreciation due to high fuel import costs and broader economic challenges. Hagan further criticized the strategy, suggesting that a more direct approach to purchasing oil on the international market with gold could have been more effective than the convoluted dealings with third parties.