GOLD FOR CRUDE

Gold Has Picked; We Can Buy Enough To Sustain ‘Gold-For-Crude’ Programme – BoG
18 Jan

Gold Has Picked; We Can Buy Enough To Sustain ‘Gold-For-Crude’ Programme – BoG

wontumionlineBusiness, ,
The Director of Financial Market at the Bank of Ghana (BoG) Stephen Opata has assured that the central bank can buy enough gold to ensure the Gold-for-Crude programme is sustained. He said this on Monday, January 16, when he appeared before the Public Accounts Committee (PAC). “As for the quantities, based on the production numbers we saw last year, gold has picked up. We believe that we can buy enough gold to sustain the program. “I must say that the numbers we are currently looking at is about 160,000 ounces per month and that will represent about 50 to 60 per…
Read More
Gold-For-Crude: Gold Usually Serves As Safe Haven For Extreme Oil Prices – Energy Economist
30 Nov

Gold-For-Crude: Gold Usually Serves As Safe Haven For Extreme Oil Prices – Energy Economist

wontumionlineBusiness,
Energy Economist, Dr Gideon Ofosu-Peasah has indicated that gold is normally used in making up for increasing crude oil prices hence, the move  by the government of Ghana to buy crude oil with gold. Speaking on the Ghana Tonight Show on TV3, Dr Ofosu-Peasah explained that when crude oil prices increase, because refined products are from crude oil, it feeds into the production of gold. That also serves as price build up to the prices of gold, he told host Alfred Ocansey. He stressed “when crude oil prices increase, what happens is that refined products are from crude oil, then…
Read More
Newmont, AngloGold, Other Mining Giants Were Consulted On ‘Gold For Crude’ Move – Governor Addison
29 Nov

Newmont, AngloGold, Other Mining Giants Were Consulted On ‘Gold For Crude’ Move – Governor Addison

wontumionlineBusiness,
Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that the major mining companies operating in Ghana were consulted on the move to buy crude oil with gold. Dr Addison said that in the meeting where this idea came up, the major mining companies including Newmont and AngloGold were all present. They all cooperated with this idea, Dr Addison added. Answering questions at the Monetary Policy Committee (MPC) meeting at the BoG headquarters in Accra on Monday November 28, he said “the major mines were consulted, Newmont and the Anglogold were all part of the meeting that we had together…
Read More