Gold for Oil policy Archives

13 Aug

Gold For Oil Policy Still On Track – BoG

Wontumi1BusinessBoG, 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

Wontumi1BusinessBank of Ghana, Business, Gold for Oil policy

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…

21 Jul

Gold For Oil Policy Very Effective On Ghana’s Fuel Security – NPA

Jackson Odom KpakpoNewsGhana's Fuel, Gold for Oil policy, NPA

National Petroleum Authority (NPA) has highlighted the critical effect of the government’s flagship Gold for Oil Policy in guaranteeing security of fuel supply in Ghana. Head of Planning at the National Petroleum Authority, Mr. Dominic Aboagye, said the policy has been effective, expressing costs of oil based goods over the period has been very steady. “Look at last year where prices were but now you can see how prices have been quite stable at a certain figure around 11, 12 cedis, we’ve seen stock levels increased” The Vice President, Dr Mahamudu Bawumia in 2022 announced a new government policy…

07 Jun

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

Wontumi1BusinessGold 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…