• 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

10 months ago
in Business, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
146
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

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

“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

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

CAF Establishes New Infrastructure Department to Enhance Stadium Development Across Africa

Bibiani Gold Stars Set to Begin GPL Title Defence Against Bechem United as Fixtures for 2025/26 Season Are Released

Gov’t Increases Producer Price of Cocoa to GHS 51,660 per Tonne for 2025/2026 Season

Value of Mobile Money Transactions Hit GHS 323.2bn in June

Trending

Business

Africa’s Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit

August 4, 2025

Africa's Richest Country to Boost Continental Trade Ties After U.S. 30% Tariff Hit South Africa is strategising...

Nigeria Hits Panic Button as West Africa Logs $2.1bn in Suspicious Crypto Transactions

August 4, 2025

CID Recovers 43 Stolen Luxury Vehicles Smuggled into Ghana

August 4, 2025

2025 Mid-Year Economic Review: Fiscal Discipline is a Necessary Pain

August 4, 2025

Ledecky’s Heroics Highlight Underwhelming US Campaign at World Aquatics Championships

August 4, 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.