The Bank of Ghana (BoG) has assured Ghanaians that it has sufficient gold reserves to continue the gold-for-oil policy.

In its turn before the Public Accounts Committee, the central bank stated that it was well-positioned to meet the transactional demand of 160,000 ounces of gold per month.

The bank was represented before the committee by Stephen Opata, the Director of Financial Markets.

“As for the quantities, based on the production numbers we saw last year, gold has picked up. We believe that we can buy enough gold to sustain the program. I must say that the numbers we are currently looking at is about 160,000 ounces per month and that will represent about 50 to 60 percent of the consumption of the country. According to what PMMC indicates, I think we have volumes to support the program.”

Ghana took delivery of the first consignment of the gold for oil deal on Monday as part of efforts to reduce fuel prices and reserve the country’s forex.

40,000 metric tons of oil from the United Arab Emirates arrived at the Tema port on Sunday, January 15, 2023.