The Oil For Gold initiative, announced by the Vice President last month, will see Ghana pay for imported oil products with gold, in a move which the Vice President explained will impact positively on Ghana's US Dollar foreign exchange reserve, fuel prices and general cost of living
LEARN
PROFESSIONAL COURSES FOR FREE AND GET CERTIFIED WITHIN 48HRS
Writing on his
Facebook page on Thursday, December 22, Vice President Bawumia announced that
the initiative will start next month with the first delivery of oil products
under the policy.
"I am happy
to announce that the Government of Ghana has concluded the arrangements for the
operationalization of the Gold for Oil policy," Dr. Bawumia wrote on
his official Facebook page.
LEARN PROFESSIONAL
COURSES FOR FREE AND GET CERTIFIED WITHIN 48HRS
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. God bless our homeland Ghana," he concluded.
LOOKING FOR A STUNNING VIDEO EDITING SOFTWARE? CHECK OUT THIS
The policy has
been described variously, on both the local and international scene, as a game
changer.
Many have hailed
the Vice President for the innovative idea with experts agreeing with reasons
and the expected benefits given by the Vice President.
Announcing the
policy last month, Vice President Bawumia explained how the policy will help in
the quest for a stable forex as impact on oil prices and cost of living.
LET
YOUR KIDS FALL IN LOVE WITH SCIENCE
“The demand for
foreign exchange by oil importers in the face of dwindling foreign exchange
reserves results in the depreciation of the cedi and increases in the cost of
living with higher prices for fuel, transportation, utilities, etc. To address
this challenge, Government is negotiating a new policy regime where our gold (rather
than our US dollar reserves) will be used to buy oil products. The barter of
sustainably mined gold for oil is one of the most important economic policy
changes in Ghana since independence.”
SOURCE: PULSE.COM.GH
0 comments:
Post a Comment