By Donald Ato Dapatem
Graphic Online, Accra, Ghana
Monday, January 16, 2023
The first consignment from the gold-for-oil policy of the government to stem the increasing depreciation of the cedi against the major currencies has arrived at the Tema Port and been discharged into the receptacles of Bulk Oil Storage and Transportation Co. (BOST), Graphic Online has gathered.
The 41,000 metric tonnes of the petroleum products delivered by SCF YENISEI would be sold by BOST to bulk distributing companies (BDCs) around Ghana, a source has told Graphic Online.
... Dispatch continues below ...
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Valued at $40 million, the shipment was brokered by the Economic Management Team led by Vice President Mahamudu Bawumia.
In November 2022 the government announced plans to buy oil products with gold rather than U.S. dollars.
Vice President Bawumia said the move was meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which was weakening the local cedi and increasing living costs.
"It will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency," Bawumia said.
He added that using gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products.
According to a Graphic Online source associated with the process, the first consignment cost $40 million worth of gold. ...
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