Gold For Oil Archives - Wontumi Online

04 Jun

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

Wontumi1BusinessBoG, Gold 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…

24 Aug

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

Wontumi2BusinessGold 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

Wontumi1BusinessDr. 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

Wontumi2BusinessDr 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…