BOG confirms Major mining companies support gold for oil policy

By InstinctBusiness Nov 29, 20220

Governor of the Bank of Ghana, Dr. Ernest Addison has disproved claims that BOG did not include major gold mining companies in the country on its decision, gold for oil policy.

Vice President, Dr. Mahamudu Bawumia recently revealed government’s goal to use gold to buy oil on the commodity market. This act by government is to help gain confidence in the local currency.

Speaking on the issue to the media, Dr. Ernest Addison stated that although the policy has not been concluded, the unrefined gold will be exchanged for oil that has been refined.

“We have 20% of the large-scale producers already planned to be bought by the central bank but I think that most importantly the agreement is that PMMC will be buying a lot of the gold that is exported by the licensed Gold exported. They exported as much as $ 3 billion in 2018 and 2019 which PMMC will be asking them to make available for this program” Dr. Addison said.

Moreover, He noted that the discussion so far suggests that unprocessed gold will be used in exchange for refined petroleum product exchange in the Gold for Oil policy.