• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

CBOD Welcomes Government’s Plans to Expand Gold-for-Oil Program to Private Sector

1 year ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
156
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

CBOD Welcomes Government’s Plans to Expand Gold-for-Oil Program to Private Sector

Chief Executive Officer (CEO) of the Chamber of Bulk Oil Distributors (CBOD), Dr. Patrick Ofori, speaking at a recent energy policy town hall organized by CBOD noted the Chamber’s concerns regarding Ghana’s “Gold-for-Oil” initiative, emphasizing the need for a level playing field in the sector.

While acknowledging that the scheme aims to address foreign exchange (FX) liquidity issues, Dr. Ofori noted that the policy’s initial implementation disproportionately favored state-run entities, particularly the Bulk Oil Storage and Transportation (BOST) Company, raising questions about fairness.

“Our primary concern was not just about how the dollars are sourced to facilitate trade, but about the skewness of the policy itself,” Dr. Ofori said, referring to the dominant role assigned to the single state entity – BOST.

He stressed that private sector players, who purchase from the same international suppliers and also face FX constraints, should have equal access to the program.

Dr Ofori welcomed recent moves to expand the initiative, ensuring broader participation and greater fairness in the industry.

RelatedPosts

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️

Cedi@60: Fiscal Discipline Key to Preserving Monetary Independence – BoG Governor

Cedi@60: Ghana Has Turned a Decisive Corner in Post-Crisis Recovery, Says Governor Asiama

“The government’s claim that they will open up the program to the private sector is a positive step,” he added. However, he underscored that the Chamber remains focused on ensuring liquidity and FX availability to support its members’ trading activities, highlighting the importance of equitable regulatory support.

Dr. Ofori also pointed to the CBOD’s collaboration with the Bank of Ghana on the gold-trading program, which has helped channel over $970 million to its members, easing pressure on the commercial banking system.

“This has helped stabilize the exchange rate, which would have otherwise been under strain had we relied solely on the banks,” he explained.

Dr Ofori further noted that concerns about LECAN allocations being skewed towards BOST have been addressed following industry engagement.

“Previously, BOST was receiving over 50% of the allocation, which created operational disruptions for private players, but after raising the issue, the process has become more transparent and disciplined,” he said.

While Dr. Ofori reiterated CBOD’s support for competition, he emphasized that ensuring FX liquidity and a level regulatory playing field remains the Chamber’s priority.

He concluded by calling for continued dialogue and scrutiny of energy policies as the sector remains critical to Ghana’s economic stability and energy security.

Tags: CBODCBOD Welcomes Government's Plans to Expand Gold-for-Oil Program to Private SectorGold-for-Oil Program

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

Cedi@60: Ghana’s Foreign Reserves Hit $12bn Providing 6.5 Months of Import Cover – BoG Governor Discloses

CHAG Takes Full Leadership of its Safecare Journey After PharmAccess Handover

Cedi@60: Finance Minister Reiterates Call for Exclusive Use of Cedi in Domestic Transactions

Cedi@60: Vice President Calls for Sustained Fiscal Discipline, Commends BoG for Restoring Confidence in the Cedi

Cedi@60: BoG Governor Hails Currency’s Resilience, Pledges Stronger Policy Transparency and Digital Innovation

GAB CEO Urge Ghanaians to Prioritise Use of Cedi 

Trending

Features

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️

October 28, 2025

Nestlé Ghana to Launch “No Refined Sugar” Variant of CERELAC®️ Nestlé Ghana will soon launch a new...

Cedi@60: Fiscal Discipline Key to Preserving Monetary Independence – BoG Governor

October 28, 2025

Cedi@60: Ghana Has Turned a Decisive Corner in Post-Crisis Recovery, Says Governor Asiama

October 28, 2025

Cedi@60: Ghana’s Foreign Reserves Hit $12bn Providing 6.5 Months of Import Cover – BoG Governor Discloses

October 28, 2025

CHAG Takes Full Leadership of its Safecare Journey After PharmAccess Handover

October 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.