Gold For Oil: Bank of Ghana Assures Country Has Enough Reserves To Sustain Policy

Gold For Oil: Bank of Ghana Assures Country Has Enough Reserves To Sustain Policy

  • The Bank of Ghana (BoG) has assured Ghanaians that the country has enough gold reserves
  • The central bank says Ghana has a sufficient quantity of gold bars to exchange for oil
  • This comes after the government took delivery of the first consignment of the gold for oil deal

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Ghana’s central bank has assured that it has enough reserves to sustain the gold-for-oil deal.

According to the Bank of Ghana (BoG), the country has a sufficient quantity of gold bars to trade for oil.

Bank of Ghana (BOG) has assured that the country has enough gold reserves to sustain the gold-for-oil policy
L-R: Some gold bars; Vice President Dr Bawumia and an oil barrel Image Credit: @quickcashgold @MBawumia @OffShoreJob
Source: Facebook

Government Takes Delivery Of First Tranche Of Gold-For-Oil Deal

This comes after the Akufo-Addo-led administration received the first shipment of the gold for oil trade on Monday, January 16, 2022.

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The agreement, which is a component of measures to lower fuel prices and reserve the nation's foreign exchange, has drawn harsh criticism amid worries about the government's capacity to maintain it.

Bank Of Ghana Assures It Is Well-Positioned To Handle Demand For Gold-For-Oil Policy

In testimony before the Public Accounts Committee of Parliament, Stephen Opata, Director of Financial Market at the Bank of Ghana, stated that the organization is well-positioned to meet the demand for 160,000 ounces of gold per month under the agreement.

“As for the quantities, based on the production numbers we saw last year, gold has picked up. We believe that we can buy enough gold to sustain the program. I must say that the numbers we are currently looking at is about 160,000 ounces per month and that will represent about 50 to 60 per cent of the consumption of the country.”

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Gold for Oil: Bawumia Discloses First Batch of Oil Under Policy Will Arrive In January 2023

Earlier, reported that Vice president Dr Mahamudu Bawumia had disclosed that Ghana has secured a major deal for the start of novel gold-for-oil barter.

The gold-for-oil policy is the government's long-term strategy to reduce pressure on the Ghana cedi and prevent its perennial depreciation.

The vice president said the first batch of petroleum products under the policy will hit the shores of Ghana in early January.

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Ekow Annan Francis Ekow Annan writes for He has been part of the Politics and Current Affairs Desk since August 2022. Ekow has over ten years of experience in news reporting via various multimedia channels, including TV, Radio, and Online. He is an experienced multimedia journalist specialising in telling impactful current affairs, politics and business stories. He holds a BA in Communications (Strategic Communications) from the prestigious African University College of Communications (AUCC).

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