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Gold for Oil policy does not need parliamentary approval – Egyapa Mercer

  • SOURCE: | qwesa2big
    • POSTED ON: February 20, 2023

    Ghana’s Deputy Energy
    Minister, Andrew Egyapa Mercer, says government’s Gold for Oil policy does not
    need to be submitted to parliament for approval.

    According to him, the
    programme was instituted within the mandates of the Bank of Ghana and thus does
    not fall within the purview of parliament.

    Mr. Mercer who doubles as
    the Member of Parliament for Sekondi Constituency argued his point out on
    JoyNews’ PM Express Business Edition, when he said, “On even the import
    side, BOST, before the commencement of this programme (Gold for Oil), if you
    like, imports petroleum products as part of their operations, do they take it
    to parliament for approval?”

    “So if Bank of Ghana is
    buying Gold in-country as part of its mandate and externalizing it to as it
    were either swap for commodity on behalf of Ghanaian importer and or monetize
    to pay on behalf of a Ghanaian importer which then the Ghanaian importer pays
    in cedis in Ghana, how does that require parliamentary approval?”

    This statement was made following
    calls from the Minority side of parliament for the Gold for Oil policy to be
    brought to the house for perusal.

    However, according to
    Egyapa Mercer these calls are merely to truncate the success of the programme
    which as at Monday, January 16, had delivered 41,000 metric tons of oil from
    the United Arab Emirates to Bulk Oil Storage and Transportation (BOST).

    He said, “But I know why,
    especially people in the NDC led by former President Mahama will call for
    parliament because you know the dynamics there. To the point that the
    parliament of Ghana passed a law, the Minerals Income Investment Fund Act which
    then empowered government through requisite agency to set up a company for
    purposes of monetizing our royalty.

    “It’s all in the law. But
    when government sought to implement the law that had been passed by parliament
    by way of the Agyapa transaction you saw what happened.”

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