In a shocking turn of events, a van belonging to the Precious Minerals Marketing Company (PMMC) was intercepted by the Accra Regional Police at Kotoka International Airport.

The van, en route to Dubai, was found to contain 17 boxes of gold bars, allegedly part of the government’s Gold-for-Oil (G4O) initiative.

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.

In November 2023, Bank of Ghana Governor Dr. Ernest Addison announced that the G4O initiative had achieved its goals and was being phased out.

However, subsequent updates suggested that the program was still ongoing as of August 2024, with a capped financial contribution from the central bank.

This lack of transparency has raised pressing questions about the destination and purpose of the seized gold bars.

Source: www.dailyguidenetwork.com