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Gold for oil policy: first oil products to be delivered in January 2023, says Bawumia

The gold for oil policy is expected to change Ghana’s balance of payments position fundamentally and significantly reduce the persistent depreciation of the cedi

The government has concluded arrangements for operationalising the new gold for oil policy, Vice-President Mahamudu Bawumia has announced.

Bawumia said the first oil products under the policy will be delivered next month (January 2023).

In a Facebook post on Thursday (22 December), he said: “I am happy to announce that the Government of Ghana has concluded the arrangements for the operationalisation of the gold for oil policy.

“Consequently, the first oil products under the policy will be delivered next month (January 2023). My thanks to the Minister for Energy, Minister for Lands and Natural Resources, Governor of the Bank of Ghana, the Chamber of Mines, PMMC and BOST for their leadership in the operationalisation of the government’s gold for oil policy.

“God bless our homeland Ghana.”

Demand for forex

In November 2022, the government announced plans to use gold to buy imported oil products

The policy was expected to change Ghana’s balance of payments fundamentally and significantly reduce the persistent depreciation of the cedi.

 

In an earlier Facebook post, the vice-president said, “The demand for foreign exchange by oil importers in the face of dwindling foreign exchange reserves results in the depreciation of the cedi and increases in the cost of living with higher prices for fuel, transportation, utilities, etc.

“To address this challenge, the government is negotiating a new policy regime where our gold (rather than our US dollar reserves) will be used to buy oil products. The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence,” he said.

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