The Deputy Minister for Energy, Andrew Kofi Egyapa Mercer says the Gold for Oil Program has all the relevant stakeholders on board for a smooth implementation.
Speaking on the Morning Starr with Naa Dedei Tettey Thursday, the deputy expressed worry over the misconception that people have on the initiative.
“Government, the Ministry of Energy, the Vice President’s office, Ministry of Lands and Natural Resources, Bank of Ghana and the Chamber of Bulk Oil distributors, the private sector are members of a committee that was put together to see how we can get constant flow of petroleum products.
“So there are no shortages at a point as it is being experienced in some other countries including Nigeria our neighbors today. So the Gold for Oil Program was introduced to exchange gold for oil on the international trade market,” Mr. Egyapa stated.
He also stated the ranking member of the energy and mines committee John Jinapor has twisted how the first consignment for the Gold for Oil Policy was brought into Ghana.
“That is not true, what I said to him was that yes we paid cash but it was cash that was generated from the field of gold that has been aggregated here in Ghana. So, there are international world trading companies that are commodity companies that sell beyond oil and other commodities. So, they are interested in swapping gold for oil, direct barter”, he stated.
According to Egyapa Mercer, the gold for oil programme is not yet well restructured as some suppliers of the oil have no use of the gold.
“Further, there are some that deal in oil and petroleum sometimes, so if you give them gold what are they going to use them for? So, the program that we are running is actually spoon-fed because we needed to consider our ability to force products from the market and either liquidate the gold to pay or swap directly for oil. So that we are not limited in terms of the suppliers that we are dealing with. How is that problematic? In any event what is the issue really”, he added.
Source: Ghana/Starrfm.com.gh/103.5FM/Bernice Mensah
