The first shipment of the gold for oil agreement that was negotiated with the United Arab Emirates has been delivered to Ghana.
The Ministry of Lands and Natural Resources reports that on January 15, 2023, the 40,000 metric tons of oil landed at the Tema port.
Plans for its distribution and sale are to be developed by the Energy Ministry in conjunction with the Bulk Oil Storage and Transportation and Oil Marketing Companies.
According to the Lands Ministry, this will aid in lowering national gasoline prices.
We have put all the lines together and we believe that we are ready to kick-start it.
“It is good and will help cushion our currency, so all must support it,” the Minister stated.
George Mireku Duker, the deputy sector minister, had informed media that the first shipment will arrive this week.
The government’s plans to buy oil from the UEA with gold to preserve the nation’s currency were disclosed by the vice president last year.
The Lands and Natural Resources Ministry claims that procedures have been put in place to continue the action, despite the fact that many have objected to it and questioned its viability.
All hands must be on deck to embrace the gold-for-oil arrangement, according to Mr. Duker, who claimed that it would contribute in reviving the economy.
When the agreement was completely implemented, he pointed out, it would assist govern the mining industry’s downstream sector.
There have been worries that the gold export market may suffer as a result of the gold for oil agreement.
Some stakeholders in the mining value chain, particularly exporters, have also claimed that they weren’t consulted before the agreement.
The handling of all such complaints, according to Mr. Duker, is done “case-by-case.”
“Yes, there are concerns by some of the stakeholders that there have not been extensive deliberations on the deal, but we are still engaging all who matter. There are gaps, and this is normal with every new concept. We will reconcile and get everyone on board,” Mr Duker added.