Finance Minister Dr. Cassiel Ato Forson has revealed that the much-publicised “Gold for Oil” policy under the previous administration never involved any actual barter of gold for petroleum products. Speaking on PM Express on JoyNews, the minister delivered a stunning account of how the policy, widely credited with helping stabilise the cedi, was in fact […]
Former Vice President Dr Mahamudu Bawumia says Ghana’s economy would have collapsed without the Gold-for-Oil and gold purchase programmes introduced under his watch. Speaking during his Thank You Tour in the UK at an interaction with the Young Executive Forum (YEF) in London, NPP 2024 flagbearer said the country’s current economic stability is directly tied […]
The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has announced the suspension of the country’s Gold-for-Oil programme due to unspecified policy and operational challenges. The decision marks a significant shift in Ghana’s economic strategy, as the initiative was originally designed to reduce reliance on foreign exchange for fuel imports and stabilise domestic […]
The former Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr Edwin Alfred Nii Obodai Provencal has robustly defended Ghana’s ‘Gold for Oil’ (G4O) initiative against recent criticisms. This comes in response to remarks by Dr Riverson Oppong, CEO of the Association of Oil Marketing Companies (AOMC), who questioned the programme’s […]
The government has initiated a review of the Gold for Oil policy, holding a crucial meeting with petroleum sector stakeholders amid concerns over potential fuel shortages in parts of the country. On his first day in office, Energy Minister John Jinapor met with key industry groups, including the Bulk Oil Distribution Companies, the Chamber of […]
To ensure that the prices of petroleum products imported under the Gold-for-Oil (G4O) programme reflect at the pumps to benefit consumers, the National Petroleum Authority (NPA) will regulate the prices of the products in the interim until the volumes increase significantly. In addition, the NPA will work with the Bulk Oil Storage and Transportation (BOST) […]
The first consignment of fuel in the government’s gold for oil deal will arrive next week, a Deputy Minister of Lands and Natural Resources, George Mireku Duker, has disclosed. “We have put all the lines together and we believe that we are ready to kick start it. “It is good and will help to cushion […]
From January 2023, the Ghana government will exchange gold for oil. That is gold produced locally will be exchanged for a portion of the petroleum needs of Ghana. The “Gold 4 Oil” programme will enable the country to use part of the gold produced locally to purchase oil as part of measures the government is […]
