By Enoch 
In a dramatic turn of events, the Ghana Police Service intercepted a van belonging to the Precious Minerals Marketing Company (PMMC) at Kotoka International Airport on December 17, 2024. The van, reportedly en route to Dubai, was found to contain 17 boxes of gold bars, raising serious questions about the transparency of the transport process and the destination of the gold.
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Gold-for-Oil Initiative Under Scrutiny
The seized gold bars, allegedly part of the government’s Gold-for-Oil (G4O) initiative, were handed over to the Bank of Ghana for safekeeping pending further investigations. Launched in December 2022, the G4O initiative aimed to bolster Ghana’s foreign currency reserves by exchanging gold purchased by the central bank for oil imports. The program was designed to stabilize the Ghanaian cedi and curb rising living costs.
Accusations and Condemnations
However, the recent seizure has cast doubt on the transparency of the initiative. The Precious Minerals Marketing Company accused Joseph Yammin, the National Organiser of the National Democratic Congress (NDC), of leading a mob in an alleged attempt to forcibly seize bullion bars being processed for the Bank of Ghana. The company condemned the act, describing it as a threat to national security and the smooth operation of its mandate.
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Details of the Incident
The incident took place between 4:00 p.m. and midnight on December 17, 2024, and involved the Accra Regional Police intercepting the van at the airport. The police, together with some aggrieved members of the NDC, seized the gold boxes and escorted them to the Regional Police Headquarters in Greater Accra. The following day, the NDC members inspected the gold boxes and confirmed that the number given to the police for safekeeping was accurate.
Bank of Ghana Takes Action
The Bank of Ghana’s leadership has since taken custody of the gold boxes for safekeeping pending further investigations. The police are yet to identify how transparent the transport process was, and the lack of clarity has raised pressing questions about the destination and purpose of the seized gold bars.
Controversy Surrounding G4O Initiative
The G4O initiative, which was announced to be phased out in November 2023 by Bank of Ghana Governor Dr. Ernest Addison, has been a subject of controversy. Despite the announcement, subsequent updates suggested that the program was still ongoing as of August 2024, with the central bank’s financial contribution capped. This lack of transparency has only fueled speculation and concern among the public.
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Calls for Thorough Investigation
The Precious Minerals Marketing Company has called for a thorough investigation into the incident and has urged the government to ensure that such incidents do not recur. The company emphasized the importance of maintaining the integrity of the Gold-for-Oil initiative and ensuring that it serves its intended purpose of stabilizing the economy and supporting the country’s development.
Need for Transparency and Accountability
As the investigation continues, many Ghanaians are calling for greater transparency and accountability in the handling of the country’s resources. The incident has highlighted the need for robust measures to prevent illegal activities and ensure that initiatives like the G4O program are implemented effectively and transparently.
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Police and Bank of Ghana’s Response
The Ghana Police Service has assured the public that they are conducting a thorough investigation and will take appropriate action based on their findings. The outcome of this investigation will be crucial in restoring public trust and ensuring that such incidents do not undermine the country’s efforts to stabilize its economy and support its development.
Broader Implications for Gold-for-Oil Initiative
The Bank of Ghana has reiterated its commitment to ensuring the safekeeping of the seized gold bars and cooperating with the police in their investigation. The central bank has also called for calm and urged the public to await the results of the investigation before drawing conclusions.
This incident has also brought to light the broader issues surrounding the Gold-for-Oil initiative. While the program’s goal is to stabilize the economy by using the country’s gold resources to secure essential imports, the lack of transparency and accountability has raised concerns about its effectiveness and potential for misuse. The government will need to address these concerns and take steps to ensure that the initiative operates transparently and benefits all Ghanaians.
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In all, the seizure of the gold bars at Kotoka International Airport is a significant event that highlights the need for greater transparency and accountability in the handling of Ghana’s resources. As the investigation unfolds, it will be crucial for the authorities to address the concerns raised by this incident and take measures to prevent similar occurrences in the future. The outcome of this investigation will be closely watched by Ghanaians and the international community alike, as it will have significant implications for the country’s economic stability and development.
