He said putting before Parliament the gold oil swap deal was the most appropriate thing to do since the deal was an international financial transaction.

“According to the 1992 Constitution of Ghana international financial transactions require the approval of Parliament, it does not matter that the Gold for Oil deal is a barter trade,” he said

Mr Mahama was speaking at a forum in London attended by members of the UK & Ireland Chapter of the National Democratic Congress (NDC).

Barter trade

President Mahama cited the Sinohydro agreement that exchanges the country’s bauxite for infrastructure development by China as a classic example of barter trade.

He further explained that if the Sinohydro agreement was a barter deal and went to Parliament for approval because it was an international financial transaction, why not the current deal in which Ghana’s gold was being exchanged for oil.

The former President noted that the deal was currently shrouded in complete secrecy since only government officials, who were involved in the transaction, knew the details, describing the development as unacceptable.

“There is a complete lack of transparency about the transaction, and that is one of the major problems with this government. They hide everything and do as they please”, he noted.

Mr Mahama explained that with parliamentary scrutiny, Ghanaians would have value for money in the gold for oil deal.

He said such scrutiny would also help the public to know the beneficial owners behind the transaction.