Finance Minister Dr. Cassiel Ato Forson has revealed that the much-touted “Gold for Oil” policy under the previous government was not a true barter arrangement as publicly claimed.

Speaking on JoyNews’ PM Express, Dr. Forson dismissed the policy as a facade, stating that the Bank of Ghana (BoG) simply paid suppliers in dollars—contrary to the narrative that Ghana exchanged gold directly for petroleum products.

“It didn’t work properly. The Bank of Ghana was paying in cash—dollars—not gold. There was never any gold-for-oil barter. Never,” he emphasized in a direct response to host Evans Mensah.

The former administration had promoted the policy as a groundbreaking solution to stabilize the cedi by reducing demand for foreign exchange. However, Dr. Forson said the reality was far less innovative.

He explained that a supplier based in the United Arab Emirates provided fuel through the Chamber of Bulk Oil Distributors (CBOD). The CBOD paid in cedis, and the BoG converted that into dollars to complete the transaction. “Pure trade. Nothing like the barter they portrayed,” he said.

Confirming with BoG officials, Dr. Forson noted that although the central bank had been increasing its gold reserves, it had no direct link to the oil purchases.

The African Development Bank (AfDB) has approved a $474.6 million loan to South Africa to help upgrade its transport and energy infrastructure. This marks the second major infrastructure loan for the country in recent weeks, following a $1.5 billion agreement with the World Bank in June.

The AfDB’s financial support is aimed at enhancing energy efficiency and implementing critical rail sector reforms, the bank said in a statement on Tuesday.

South Africa, Africa’s most industrialized economy, has been grappling with persistent power outages, deteriorating railway networks, and heavily congested ports for over a decade. These issues have severely impacted key sectors such as mining and automobile manufacturing, stalling economic growth.

The AfDB loan is part of a broader international financing package to support South Africa’s infrastructure revival. Additional contributions include €500 million ($590.75 million) from German development bank KfW, up to $200 million from the Japan International Cooperation Agency (JICA), and $150 million from the OPEC Fund for International Development.

The combined effort signals a coordinated international commitment to revitalizing South Africa’s critical infrastructure and supporting long-term economic stability.

The Bank of Ghana (BoG) has issued a public warning about the operations of several Money Transfer Organisations (MTOs) that are conducting business in Ghana’s remittance and foreign exchange markets without the required authorization.

In a statement released on Friday, June 27, the central bank disclosed that it had identified multiple entities operating in violation of existing financial regulations. The BoG cautioned individuals, commercial banks, Dedicated Electronic Money Issuers (DEMIs), and Enhanced Payment Service Providers (EPSPs) to avoid transacting with these unlicensed organisations.

The unauthorised MTOs listed by the BoG include:

1. ACE Money Transfer

2. Remit Union

3. Remit Home

4. Roze Remit

5. Monty Global

6. Nairagram

7. i-Transfer

8. Hurupay

9. Eversend

10. Izi Send

Citing Section 3.1 of the Foreign Exchange Act, 2006 (Act 723), the BoG emphasized that no individual or entity may deal in foreign exchange without a valid license. Additionally, Section 15.3 of the Act mandates that all international money transfers to and from Ghana must be processed through a licensed and authorised service provider.

The central bank reaffirmed its dedication to maintaining the integrity of Ghana’s financial system and urged the public to conduct all foreign exchange and remittance transactions exclusively through licensed institutions.

The full statement from the Bank of Ghana can be found below.