Gold For Oil Archives - Wontumi Online

04 Jun

Gold For Oil: Bank Of Ghana Spends GH¢2.43 Billion On Petroleum Import Finance

wontumionlineBusinessGold For Oil

Accra, May 6, GNA – The Bank of Ghana (BOG) has disclosed that as of December 31, 2023, the consolidated capitalised cost incurred on the Gold for Oil (G40) operations was GH¢2.43 billion. The bank, in its annual financial report for the year 2023, said the carrying amount represented a cash balance worth GH¢ 520 million, dore gold holdings in the vault worth GHS 410 million, outstanding oil value of stock worth GHS 1.72 billion, and oil proceeds receivable worth GHS 460 million. The report disclosed that the gold holding purchases yet to be paid by the central bank for…

17 Nov

Ghana Would Have Been A Country Beyond Aid If All Presidents Had Implemented Gov’t G4O Deal- Kusi Boafo

wontumionlineFeatured, News, TrendingGold For Oil, Kusi Boafo, NPP

Chief Executive Officer (CEO) for Public Sector Reforms, has categorically noted that if all President since the inception of the 4th republic had implemented the Gold for Oil deal implemented by President Akufo-Addo and Dr. Bawumia, Ghana would have been a country beyond aid. In an exclusive interview with Kwaku Dawuro on Movement In The Morning show on Movement TV/ Wontumi Radio, he noted that President Akufo Addo's government has added about 9,1 tonnes of Gold to the 8.7tonnes of Gold we had as a country and thus, we have 17.8 tonnes. This is the largest accumulation ever by any President…

24 Aug

Gold For Oil: We’re Committed To Strengthening Policy To Cushion Ghanaians – Energy Minister

wontumionlineBusinessGold For Oil, Matthew Opoku Prempeh

Energy Minister, Matthew Opoku Prempeh, has reaffirmed the Government’s commitment to ensuring that the Gold-for-Oil policy is improved and strengthened for the benefit of the Ghanaian consumer of petroleum products. Dr Opoku Prempeh noted that the policy has been proven to rein in escalating fuel prices and everything is being done with stakeholders to ensure that the policy gets better. “As a Ministry, we remain committed, together with stakeholders at ensuring that, the programme grows from strength to strength, in line with one of our key objectives of ensuring the availability and realistic pricing of petroleum products with emphasis on…

09 Jun

Gold For Oil Policy Cornering BDCs – Dr. Ofori

wontumionlineBusinessDr. Patrick Kwaku Ofori, Gold For Oil

Ghana Chamber of Bulk Oil Distributors, Dr. Patrick Kwaku Ofori, says the government’s gold for oil policy has cornered bulk oil distributors working in the country. According to him, none of them had anticipated such a policy as it places them in a tight spot in competition against the government. The government’s gold for oil policy as a government strategy was borne out of the country becoming strapped of foreign exchange. The policy is to enable the government directly exchange gold for oil while avoiding to use foreign currency, particularly the dollar, as a means to control the country’s inflation. Speaking…

02 Jun

Gold-For-Oil: Chamber Of Bulk Oil Distributors Call For Fair Competitive Environment

wontumionlineBusinessDr Patrick Ofori, Ghana Chamber of Bulk Oil Distributors, Gold For Oil

The Ghana Chamber of Bulk Oil Distributors (CBOD) has called on government to create an enabling environment that would ensure bulk distribution companies compete fairly in the gold for oil (G4O) programme. According to Chamber, the Bank of Ghana (BoG) underwriting the risks associated with commercial activities of the Bulk Oil Storage and Transportation company (BOST), gives the government sole shareholder private limited liability company, an upper hand over other players in the field. In a virtual press briefing on Thursday, Dr Patrick Ofori, Chief Executive Officer (CEO) of CBOD, said the Chamber was concerned about the “preferential treatment that…

06 Apr

Gold-For-Oil: BoG Cuts US Dollar Supply To Bulk Oil Distribution Companies

wontumionlineBusinessbank of ghana, Gold For Oil

The Central Bank plans to reduce in its U.S dollar supply to Bulk Oil Distribution Companies (BDCs) operating in Ghana's downstream oil and gas sector. The development comes on the back of the implementation of government’s Gold-for-policy which it believes is already yielding results, according to President Akufo-Addo. The Bank of Ghana in its quarterly announcement of forex forward rates auction said it plans to sell about US$120 million in the second quarter of 2023 to authorized foreign exchange dealers and BDCs. This however represents US$80 million lower than the US$200 million auctioned in the first quarter of 2023.

05 Apr

OPEC+’s Surprise Oil Output Out Is Test Case For Govt Of Ghana’s Gold-For-Oil Policy – ACEP

wontumionlineBusinessACEP, Gold For Oil

The announcement by Saudi Arabia and other OPEC+ oil producers on Sunday of further oil output cuts of around 1.16 million barrels per day is going to be a test case for the Government of Ghana’s Gold-for-Oil policy, energy think tank the Africa Center for Energy Policy (ACEP), has said. According to the Executive Director of ACEP, Saudi Arabia and other OPEC+ oil producers is like to shoot crude oil prices up on the international market which will also affect the domestic market. The action of the Saudi Arabia and other OPEC+ oil producers comes a day before a virtual…

20 Mar

‘Gold For Oil’ Policy Did Not Contribute To LPG Price Reduction – LPG Marketers Association

wontumionlineBusinessGabriel Kumi, Gold For Oil, LPG

The Liquefied Petroleum Gas (LPG) Marketers Association has indicated that the government’s ‘Gold for Oil’ policy did not contribute to the price reduction of LPG. According to its Vice President, Gabriel Kumi, the policy did not cover LPG and therefore it did not affect the price of the petroleum product. “We know that LPG price has gone down, beginning today [March 16, 2023], but as we did indicate, it’s not the gold for oil policy which is the factor that has brought the price down. You know that LPG has not been added to the products [petroleum] that are being…

17 Mar

Drop In Fuel Prices Has Nothing To Do With Bawumia’s Gold-For-Oil – Minority

wontumionlineBusinessfuel prices, Gold For Oil, Minority in Parliament

Deputy Minority Leader Emmanuel Armah Kofi Buah has dismissed Vice President Dr Mahamudu Bawumia’s claim that fuel prices are reducing in Ghana due to the Gold-for-oil policy. He says the drop in the price of fuel has nothing to do with the policy Speaking in Parliament on Thursday, March 16, the Ellembelle MP said “There is nowhere in this world where we do barter trade for oil, somebody should tell me where you take your gold and then you take the oil, there is nowhere in this world. So there is nothing like gold for oil. “The Vice President is saying…

17 Mar

Minority Wanted Gold-For-Oil Policy To Fail – Egyapa Mercer

wontumionlineBusinessGold For Oil

The Member of Parliament for Sekondi Andrew Egyapa Mercer has said the Minority in Parliament and the main opposition National Democratic Congress (NDC) wanted the government’s Gold-for-oil policy to fail. He stated that the Minority were aware that the policy would address the issue of an increase in foreign exchange which would translate into lower fuel prices. This, he said, would not be in the favour of the opposition hence their intention for the policy to fail. “They have consistently sought for this policy to fail because if you listen to the comment of our friends from the other side on social media and…