Edwin Alfred Provencal

The Managing Director of the state-owned Bulk Oil Storage and Transportation Company, Edwin Provencal, has confirmed that some private bulk distribution companies (BDCs) have been importing petroleum products at rates cheaper than imports under the government’s gold for oil programme. The gold for oil programme is a government initiative under which the state, through BOST, is importing petroleum products and paying with gold instead of foreign exchange. It was rolled out in response to recent depreciation in the value of the cedi against major international trading currencies and government’s inability to raise loans on the international markets, leading to a…