Gold For Oil: First Consignment Worth $40 Million Of Gold Arrives
It may be recalled that in November 2022, Vice President Dr Mahamudu Bawumia announced government's gold for oil programme when the cedi was depreciating against the dollar.
With this, the government plans to buy oil products with gold rather than US dollars.
“It will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency,” Dr Bawumia said.
Marlick Adjei speaking in an interview on Peace FM's Morning show 'Kokrokoo' said the first consignment under the policy has arrived at the Tema Port and discharged into the receptacles of Bulk Oil Storage and Transportation Company (BOST).
The 41,000 metric tonnes of petroleum products was delivered by SCF YENISEI and would be sold by BOST to bulk distributing companies (BDCs) around Ghana.
Marlick Adjei, who is the General Manager in charge of Corporate Communications and External Affairs at BOST added:
"...this is not a dollar transaction so it won't put pressure on the cedi...(and) availability of gold is not a problem" he added.
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