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We have enough gold to exchange for oil – Deputy Energy Minister

  • SOURCE: | qwesa2big
    • POSTED ON: November 28, 2022

    The Deputy Energy Minister, Dr Mohammed Amin Adam,
    says government is ready to implement its gold-for-oil barter deal.

    According to him, the country has enough gold in its
    reserve to exchange for oil in order to reduce the current skyrocketing prices
    of fuel.

    He made this disclosure while contributing to
    discussions on JoyNews’ The Probe on Sunday.

    “Gold mobilisation and gold purchases are everyday
    activities. And so we have looked at the market and the Bank of Ghana is
    already buying gold and they are able to do 50,000 ounces of gold a month. The
    PMC [Precious Mining Company] also purchase gold from small-scale miners and
    they are able to buy 160,00 ounces every month. And what we need is 205,000 a

    “And so if you look at our oil bill vis-à-vis the
    worth of the gold we are able to mobilize monthly, there is no doubt that we’ll
    be able to get the required gold to exchange for the requirement of our
    petroleum products and so we are very confident that this is a policy we can
    implement without difficulties,” he said.

    Government on Thursday revealed that it is negotiating
    a gold-for-oil barter deal to address the country’s “dwindling foreign exchange
    reserves” to procure oil products.

    Since Vice President Mahamudu Bawumia announced this,
    many have wondered if the necessary consultation have been held.

    Addressing the matter, Dr Adam said that prior to the
    announcement of this new policy, government had engaged all relevant

    He stressed that it is therefore on the back of
    positive feedback that the government was confident it can embark on the

    “We have been engaging the Bank of Ghana and we also
    have been talking to oil suppliers. Those who have been supplying petroleum
    products to our country. We also have been engaging gold refiners and brokers.

    “And so extensive
    discussions and engagements have taken place over the last one month and this
    is why at this point we can implement that policy, hence, the announcement,” he

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