Gold for Oil policy Archives

13 Aug

Gold For Oil Policy Still On Track – BoG

wontumionlineBusinessBoG, Gold for Oil policy

The Bank of Ghana (BoG) has affirmed that the government’s Gold for Oil policy is progressing as planned. This initiative was introduced to address Ghana’s dwindling foreign currency reserves and the strong demand for dollars by oil importers, which has been putting pressure on the Cedi and increasing the cost of living. Appearing before the Public Accounts Committee of Parliament on Monday, August 12, Dr. Maxwell Opoku-Afari, the First Deputy Governor of the Bank of Ghana, provided an update on the policy. “The Gold for Oil program is on track, and the reason the risk associated with the separate account…

09 Apr

BoG Governor Backs Government’s Gold For Oil Policy For Economic Stability

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The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, reaffirmed his strong support for the government’s Gold for Oil policy, emphasizing its crucial role in bolstering the nation’s economy during challenging times. Addressing the Public Accounts Committee (PAC) on Monday, April 8, 2024, Dr. Addison commended the initiative for its significant contributions to stabilizing fuel prices amidst economic uncertainties. Dr. Addison explained that the Gold for Oil programme has been instrumental in mitigating the impact of economic downturns, particularly in stabilizing fuel prices. He revealed that discussions are underway to transition the programme to a commercial bank, allowing…

02 Mar

Gold-For-Oil Programme Strengthened Cedi – Gov’t

wontumionlineBusinessCEDI, Gold for Oil policy, Gov't

Minister of State-Designate for the Finance Ministry Abena Osei-Asare has told parliament that the government's gold-for-oil programme "improved the strength of the cedi". Debating President Nana Akufo-Addo's State of the Nation Address on the floor of Parliament on Thursday, 29 February 2024, Ms Osei-Asarw said "we all saw how the cedi depreciated against major currencies in November 2022". "It went as high as 54 per cent to the dollar and Mr Speaker, due to this programme, we have seen the cedi gain some strength and as we speak, from February 2023 to December 2023, the cedi depreciated by just 9…

07 Jun

Publish Gold-For-Oil Policy Document To Improve Transparency – Dr. Manteaw

wontumionlineBusinessGold for Oil policy

The spokesperson for the Civil Society Organization in the Extractive Industry, Dr. Steve Manteaw, is demanding the immediate publication of the policy document regarding the gold-for-oil policy. Expressing concern over the lack of transparency surrounding the policy, Dr. Manteaw emphasized the need for disclosure of the agreement’s terms and conditions. He made these remarks during the launch of the 2020 Ghana Extractive Industries Transparency Initiative report. Dr. Manteaw believes that providing comprehensive details about the policy is essential to dispel any suspicions and ensure transparency. He further stressed that revealing the terms of the agreement can instill public confidence in…

17 Feb

Nothing Mysterious About Middlemen In Gold For Oil Programme – Egyapa Mercer

wontumionlineNewsAndrew Egyapa Mercer, Gold for Oil policy

Deputy Energy Minister, Andrew Egyapa Mercer, says there is nothing wrong with the Bank of Ghana hiring the services of a ‘middleman’ to help broker deals in the Gold for Oil policy. He was reacting to recent reports that suggested that the government had entered into shady and opaque deals with middlemen to facilitate the procurement of FX for the Gold for Oil policy. Responding to the allegations, Egyapa Mercer stated that indeed he is aware of the existence of ‘middlemen’ or brokers in the ongoing programme but is adamant that there is nothing shady going on. “There’s no middleman…

13 Feb

Gold For Oil Policy: Petrol Prices To Down By GHC1 Soon…

wontumionlineBusinessGold for Oil policy

Consumers should expect the price of petrol to go down by GHC1 soon, the managing director of the Bulk Oil Storage and Transportation Company Limited (BOST), Edwin Provencal has said. He said this is possible due to the implementation of the government’s gold for oil policy. Provencal said the country is expecting four consignments in February under the gold for oil policy and this will drive prices of petroleum products down. He said the BOST is working with the National Petroleum Authority (NPA) to increase these consignments. Speaking on the Asaase Breakfast Show on Monday (13 February), Provencal said, “I can tell you for a fact…

07 Feb

Gold-For-Oil Is A Blessing In Disguise- Adam Sabo

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Regional Communications director for the New Patriotic Party, Adam Sabo, has labeled the Gold-for-oil project as a blessing to the country. Speaking in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Adam Sabo elaborating on the Gold-for-oil initiative, he hammered on some benefits the country will derive from it. According to him the policy is long overdue, as it is what the country has always needed. He noted that ''To me, i deem this Gold-for-oil as a blessing from God. There is a saying by entrepreneurs that good ideas come at tough critical moments,…

17 Jan

Gold For Oil: We Have Sufficient Gold To Sustain The Deal – Bank Of Ghana

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The Bank of Ghana (BoG) has calmed the fears of Ghanaians over government’s ability to provide enough gold for its Gold for Oil policy. The Central Bank says the country has a sufficient quantity of gold reserves to sustain the policy. The Director of Financial Market at the Bank of Ghana, Stephen Opata made this known on Monday, January 16, when he appeared before the Public Accounts Committee (PAC). According to him, there is no cause for concern as the Central Bank is well-positioned to meet the demand for 160,000 ounces of gold per month under the deal. “As for…