Ghana Police Seize 17 Boxes Of Gold Bars At Kotoka International Airport

• A van belonging to the Precious Minerals Marketing Company was intercepted by the Accra Regional Police at Kotoka International Airport
• The van, reportedly en route to Dubai, was found to contain 17 boxes of gold bars allegedly part of the government’s Gold-for-Oil initiative
• The Precious Minerals Marketing Company accused the National Organiser of the National Democratic Congress of leading the seizure of the gold

A van belonging to the Precious Minerals Marketing Company (PMMC) was intercepted by the Accra Regional Police at Kotoka International Airport.

The van reportedly had 17 boxes of gold bars en route to Dubai in the United Arab Emirates.

Daily Guide reported that these gold bars were allegedly part of the government’s Gold-for-Oil initiative.

The boxes of gold were later handed over to the Bank of Ghana, according to UTV.

Launched in December 2022, the Gold for Oil initiative aimed to bolster Ghana’s foreign currency reserves by exchanging gold purchased by the central bank for oil imports.

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This policy was rolled out as Ghana became the top producer of Gold in Africa.

The programme was designed to stabilise the Ghanaian cedi and curb rising living costs.

In November 2023, Bank of Ghana Governor Dr. Ernest Addison announced that the G4O initiative had achieved its goals and was being phased out.

However, subsequent updates suggested that the program was ongoing as of August 2024, with the central bank's financial contribution capped.

This lack of transparency has raised pressing questions about the destination and purpose of the seized gold bars.

The Precious Minerals Marketing Company accused Joseph Yammin, the National Organiser of the National Democratic Congress (NDC), of leading a group to seize the gold.

The company stated that the incident occurred on Tuesday, December 17, 2024, between 4:00 p.m. and midnight.

Fears over Gold-for-oil policy

YEN.com.gh reported in a previous story that COPEC asked the government to reverse its Gold-for-Oil policy because of the perceived threat it poses to the country's petroleum sector.

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COPEC feared that the policy could also increase the pump price of fuel by more than 50%.

The think tank explained that fuel goes through only three channels to get to the pump; however, under the Gold-for-Oil, the channels are at least five, presenting an opportunity for players at each stage to add their profit margins to the final price.

Source: YEN.com.gh