Former Member of Parliament and legal luminary, Hon. Inusah Fuseini, has dismissed assertions equating the recently introduced GoldBod initiative with the controversial Gold for Oil program. According to him, the two schemes are fundamentally different in both purpose and operational structure.
Speaking on the matter, Hon. Fuseini emphasized that the Gold for Oil program, launched as a means to stabilize fuel prices and conserve foreign exchange reserves, faced significant scrutiny due to its lack of transparency.
“The opacity surrounding the operation of the Gold for Oil deal itself was a problem for many Ghanaians,” he noted.
He further cited concerns over an unaccounted sum of $1.7 billion during the time the program was in effect, suggesting possible mismanagement or lack of oversight.
In contrast, Hon. Fuseini explained that the GoldBod initiative is designed to centralize and formalize access to Ghana’s gold resources.
“What the GoldBod is intended to do is ensure that people can have access to Ghana’s gold—but only through a single legal channel. By law, all such transactions must pass through the GoldBod,” he said.
This system, he believes, will help establish better regulatory control and improve accountability in the gold sector.
The former MP also expressed concern over the moral hazards associated with unchecked small-scale mining, often referred to as ‘galamsey’.
“Small-scale mining can be very destructive to the environment,” he warned. “We should not allow people to smuggle our gold and destroy our environment, only for the state to later scramble for resources to fix the damage they have caused.”
Former Member of Parliament and legal luminary, Hon. Inusah Fuseini urged for tighter regulation and responsible stewardship of Ghana’s natural resources.
“We must have control over our resources so we can effectively deal with the ravages of small-scale mining and ensure sustainable development,” he concluded.
Story By Freedom Lavoe.
