The Chamber of Oil Marketing Companies (COMAC) is calling for an independent audit of the financial performance of the Bulk Energy Storage and Transportation (BEST) Company under the Gold-for-Oil (G4O) program.
COMAC’s demand comes amid growing concerns that the policy, designed to alleviate foreign exchange pressures by using Ghana’s gold reserves to purchase refined petroleum product, failed to deliver its intended benefits.
Under the G4O initiative, the government aimed to stabilise domestic fuel prices, yet COMAC contends that the policy has only met about 30% of Ghana’s petroleum needs and has not significantly improved forex stability.
The chamber argues that BEST’s involvement in oil trading, despite lacking prior experience in the sector, has led to significant financial losses and potential fuel shortages.
In addition, the chamber is also advocating for a strategic shift from Gold-for-Oil to a Gold-for-Forex (G4F) model, where gold reserves would be used to stabilise the foreign exchange market, thereby ensuring that oil importers have access to sufficient forex liquidity.
COMAC is urging broader structural reforms in Ghana’s downstream petroleum sector, including increased investment in domestic refining capacity, enhanced fuel storage and distribution networks and tighter regulatory oversight to eliminate inefficiencies.
While the government has yet to comment on these proposals, industry analysts suggest that a thorough review of BEST’s financial performance could be pivotal in reshaping Ghana’s strategy for managing its natural resource wealth and sustaining economic stability.
