Gold4Oil Lacked Credibility, GoldBod Boosts Investor Trust – Khalid
Professor Sharif Khalid Mahmud, Economic Advisor to the Vice President, Professor Naana Jane Opoku-Agyemang, has taken a swipe at the previous administration’s Gold4Oil programme, describing it as a “parodic” initiative.
He contrasted it with the current government’s GoldBod initiative, which he said is backed by legislation and offers greater assurance to investors.
Speaking on The Point of View on Channel One TV on Wednesday, May 21, Prof. Khalid remarked:
“Your gold for oil programme was parodic. It was emulated from what was happening in certain developing economies.”
He argued that, unlike its predecessor, the GoldBod initiative enjoys a firmer institutional and legal foundation.
“This is a programme—the GoldBod—backed by legislation, so investors see more confidence… It has a board among other issues,” he added.
The GoldBod initiative—formally known as the Ghana Gold Board—was established under the Ghana Gold Board Act (Act 1140), which was passed by Parliament on March 29 and assented to by President John Dramani Mahama on April 2, 2025. The Act grants GoldBod exclusive authority to oversee, regulate, and engage in the buying, selling, and export of gold and other precious minerals.
The legal framework is designed to bring structure to Ghana’s gold trade, help stabilise the local currency, and enhance revenue from gold exports.
