Tag: Gold for Oil
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Publish gold-for-oil policy document to improve transparency – Dr. Manteaw
The spokesperson for the Civil Society Organization in the Extractive Industry, Dr. Steve Manteaw, is demanding the immediate publication of the policy document regarding the gold-for-oil policy. Expressing concern over the lack of transparency surrounding the policy, Dr. Manteaw emphasized the need for disclosure of the agreement’s terms and conditions. He made these remarks during…
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Gold for Oil policy will save Ghana $4.8bn annually – Veep
Vice President Dr Mahamudu Bawumia has stated that the country will save $4.8 billion annually from the ‘Gold for Oil’ policy. According to him, this is the most important aspect of the policy which is aimed stabilising prices of fuel products, as well as reduce pressure on Ghana’s foreign exchange. Speaking at the commissioning of…
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Gold for oil policy already bearing fruit – Nana Addo
President Nana Addo Dankwa Akufo-Addo is impressed with the progress of the Gold for Oil Policy so far. Delivering the State of the Nation Address in Parliament on Wednesday, the President said the policy, which is aimed at reviving the economy “is already bearing fruit.” “Firstly, it will help us preserve foreign exchange, especially the…
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We’ll keenly monitor every step in ‘Gold4Oil’ chain – Opoku Prempeh assures
Energy Minister, Dr Matthew Opoku Prempeh has assured that his ministry will keenly monitor every step in the Gold for Oil programme value chain from the ship that brings the oil, through delivery to the BDCs, to the OMCs and to the pumps. This, according to Dr Opoku Prempeh will ensure that the purposes for…
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G4O policy: Continuous and repetitive purchase of gold not sustainable – COPEC
The Chamber of Petroleum Consumers does not think government’s gold-for-oil policy is sustainable. COPEC in a statement said the policy has mandated the Precious Mineral Marketing Company (PMMC) to buy all gold from small-scale miners, community miners and a percentage from large-scale miners. It further explained that although small-scale miners contribute about 34% of all…
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Gold-for-oil: Govt spent $40m on first consignment – NPA
The National Petroleum Authority (NPA) has revealed that the initial 40,000 tonnes of diesel that arrived in January under the Gold-for-oil policy were valued at US$40 million. The clarification by the NPA comes after several calls by industry experts including the Institute of Energy Securities for the government to provide details on how much it…
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Come clean on gold-for-oil ‘fiasco’ – COPEC to govt
The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, is charging government to spell out the nitty-gritty of the gold-for-oil policy to Ghanaians. He said the policy seems dead on arrival because the oil delivered seems not to have any impact on pump prices as they keep increasing. His call comes…
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Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms
The deputy Energy Minister, Andrew Egyapa Mercer, has confirmed that the initial consignment of 40,000 tons of oil brought into the country under the Gold-for-oil policy was purchased with cash instead of gold. His disclosure comes after several calls by Industry experts such as the Institute of Energy Securities and COPEC for the government to…
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Gold for oil policy will reduce pressure on forex – Bawumia
The Vice President, Dr Mahamudu Bawumia is confident that the gold for oil policy will reduce the pressure on forex and also present the country with cheaper fuel. The government took delivery of 40,000 metric tons of the first consignment of the gold for oil deal on Monday. Many have, however, raised concerns about the…
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Major mining companies were consulted on gold for oil policy
Governor of the Bank of Ghana, Dr. Ernest Addison has refuted claims that the major gold mining companies in the country were not consulted on its gold for oil policy. Vice President, Dr. Mahamudu Bawumia recently disclosed government’s intention to use gold to make purchases for oil on the commodity market. This move by government…