Minister for Energy designate, John Jinapor, beat a stunning retreat yesterday over the Gold for Oil policy when he appeared before the Appointment Committee of Parliament yesterday.

The policy, introduced by the erstwhile government in February 2023, and championed by then Vice President, Dr. Mahamudu Bawumia, to mitigate Ghana's forex crisis and stabilise fuel prices , was basterdised by John Jinapor, then Minority Spokesperson on Mines and Energy.

In a post on his X account in November 2023, which was variously carried by the media, Jinapor slammed Bawumia for introducing the Gold for Oil policy, describing the policy as a "scam".

“When we cautioned them, Dr. Bawumiah’s response was, “Gold-for-oil’ is an initiative the textbooks won’t teach you”. G4oil was nothing but a scam! BOG now seeking to end it,” Jinapor posted on X, referencing a purported intention by the Bank of Ghana to end the policy, which the Central Bank denied then.

At his appearance before the Appointment Committee yesterday, John Jinapor, interestingly, embraced the policy he once described as a scam.

"What we will do, we will review it, we will analyze it, and ensure that we come out with a model that is fit for purpose, that ensures that we account for the gold,” John Jinapor said.

Beyond stabilising the Cedi and stabilizing fuel prices, Jinapor added further that the Gold for Oil policy, will also support the payment of IPPs and gas.

Seeking to justify his new, contradictory stance, John Jinapor referenced the November 2023 publication alleging an end to the policy, which the Central Bank denied in a statement at the time.

Meanwhile, many Ghanaians on social media platforms, have pointed out the inconsistencies and double standards in the position of the Energy Minister Designate.