"Gold for Oil: 40,000mt of fuel delivered"

" Gold for Oil: 40,000mt of fuel delivered \r\n\r\nThe first consignment of the\u00a0Gold for Oil Policy\u00a0by the government to stem the increasing depreciation of the cedi against the major currencies has arrived at the Tema Port and discharged into the receptacles of Bulk Oil Storage and Transportation Company (BOST), Graphic Online has gathered.\r\n\r\nThe 41,000 metric tonnes of the petroleum products delivered by SCF YENISEI would be sold by BOST to bulk distributing companies (BDCs)\u00a0around Ghana, a source has told Graphic Online.\r\n\r\nValued at $40 million, it was brokered by the Economic Management Team led by Vice President Dr Mahamudu Bawumia.\r\n\r\nIn November 2022, the government announced plans to buy oil products with gold rather than US dollars.\r\n\r\nVice President Dr Mahamudu Bawumia, said that the move was meant to tackle dwindling foreign currency reserves coupled with demand for dollars by \u00a0oil \u00a0importers, which was weakening the local cedi and increasing living costs.\r\n\r\n\u201cIt will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency,\u201d Dr Bawumia said.\r\n\r\nHe added that using gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products.\r\n\r\nAccording to a Graphic Online source associated with the process, the first consignment cost $40 million worth of gold.\r\n\r\nThe source said BOST would sell the product to the BDCs, proceeds paid to an escrow account at the Bank of Ghana for the procurement of gold for the process.\r\n\r\nOther members of the team that worked for the operationalisation of the move are the ministers for Energy, Lands and Natural Resources, Governor of the Bank of Ghana, the Chamber of Mines, the Precious Mineral Marketing Company (PMMC) and BOST."

"Gold for Oil: 40,000mt of fuel delivered"

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