Cedi-Depreciation: Dubai Oil Company Denies Claims It Is In Talks With Ghana Over Gold-For-Oil Barter Deal

• An oil and gas company of international repute has denied claims it is in talks with Ghana about a gold-for-oil barter trade
• Dubai’s Emirates National Oil Company refuted those claims as inaccurate and baseless
• This comes on the back of assertions by a senior official in the Akufo-Addo-led government that a deal has been reached with the oil firm

The Emirates National Oil Company (ENOC) based in Dubai has denied assertions that the company is in talks with the Akufo-Addo-led government about a gold-for-oil barter trade.

According to Bloomberg, those claims that the oil company will supply Ghana with fuel in return for gold are inaccurate.

Dubai's ENOC Denies Claims It Is In Talks With Government Over Gold-For-Oil Barter Trade Deal

“This is totally baseless and incorrect. There have been no discussions regarding this subject,” an official of ENOC told Bloomberg.

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The denial of the Dubai ENOC follows assertions by an economic adviser to Vice President Dr Mahamudu Bawumia that the government had reached a tentative agreement with the oil firm.

Gold-For-Oil Trade Deal Will Take Effect From October 2023 - Dr Kabiru Mahama

Kabiru Mahama added that effective October 2023, Ghana’s oil-product needs would be swapped for gold to reduce the financial pressure on the local currency.

Last week, Ghana, Africa’s second-largest gold producer, ordered large mining companies to sell 20% of the gold they refine to the bank of Ghana from January 1, 2023.

Cedi-Depreciation: Dr Mohammed Amin Adam Assures Ghana Has Enough Gold To Exchange For Oil

Earlier, YEN.com.gh reported that the government had assured its readiness to implement to the fullest its latest policy to exchange the country's gold reserves for oil.

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Mohammed Amin Adam: Deputy Energy Minister assures Ghana has enough gold reserves to exchange for oil

According to a deputy energy minister, Dr Mohammed Amin Adam, plans are far advanced for the Akufo-Addo-led government to roll out the gold-for-oil barter trade to reduce fuel's skyrocketing prices.

But throwing more light on the policy in an interview with Accra-based Joy News, Dr Amin Adam said the country has enough reserves to implement the policy.

Source: YEN.com.gh