Litre of Fuel to Fall Below Ghs8 as Bawumia’s Gold for Oil Deal Takes Off
Users of fuel and fuel products will soon see fuel price gradually drastically as the Government’s Gold for Oil program with the United Arab Emirates kick starts next month.
Currently, fuel price has reduced from an average above Ghs21 to Ghs12 at the pump and is expected to reduce more.
The Vice President Dr. Mahamudu Bawumia is leading the government’s arrangements for the operationalization of a Gold for Oil policy that will knock fuel price down drastically.
The Gold for Oil Program is expected to be complemented by the strengthening of the Cedi against Dollar going into the first quarter of 2023, analysts say, with IMF Deal in the horizon.
According to Dr. Bawumia, the first oil products under the policy will be delivered next month (January 2023).
“I am happy to announce that the Government of Ghana has concluded the arrangements for the operationalization of the Gold for Oil policy.
“Consequently, the first oil products under the policy will be delivered next month (January 2023). 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 operationalization of the Government’s Gold for Oil Policy,” the Vice President disclosed.
Already, Newmont becomes the first gold mining company in Ghana under the Domestic Gold Purchasing Programme to sell gold to the Bank of Ghana (BoG) following the procurement of 26,000 ounces of gold between May and November this year by the central bank.
This forms part of the Domestic Gold Purchasing Programme to shore up Ghana’s foreign reserves.
The Director of Communications at Newmont Africa, David Johnson, said 3,500 ounces were procured by the central bank in May this year, while the remaining 22,500 ounces were bought between October and November 2022.
This makes Newmont the first gold mining company in Ghana to respond to this initiative from the central bank, Johnson said at a media soiree in Sunyani.
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