Former President John Dramani Mahama says the government should submit the Gold for Oil agreement to the parliament of Ghana for evaluation and approval because, in accordance with Ghana’s 1992 Constitution, it is considered an international financial transaction.
He stated that despite the fact that the Gold for Oil contract is a barter trade, all international financial transactions require parliamentary approval.
Mahama used the Sinohydro contract, which involves trading the nation’s bauxite for Chinese infrastructure construction, as an illustration of a barter exchange that required consent from Parliament. The current exchange of Ghana’s gold for oil, in his opinion, should follow the same logic.
He criticized the transaction’s lack of openness and thinks that parliamentary oversight will guarantee that Ghanaians get value for their money and understand who is behind the deal.
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