Vice President, Dr Mahamudu Bawumia, has announced that government will receive the first consignment of oil under the gold-for-oil policy in January 2023.

Making this known in a Facebook post sighted by GhanaWeb, he noted that the first consignment comes after government concluded arrangements for the operationalization of the gold-for-oil policy.

“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),” part of Dr Bawumia's post read.

“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”, he added.

It would be recalled that Dr Bawumia in the past weeks announced government's intention to buy oil products to halt the country's dwindling foreign currency reserves and the demand for dollars by oil importers, which is weakening the local cedi and subsequently affecting the price of goods and services on the amrket.

Ghana’s gross international reserve, as at September this year stood at around $6.6bn.

Reacting to this, Dr Bawumia said the gold-for-oil policy will help reduce the persistent depreciation of the cedi.



ESA