Gold for oil programme: More shipment expected in February --BoG

Gold for oil programme: More shipment expected in February --BoG

The Director of Financial Market at the Bank of Ghana, Stephen Opata has said that the central bank has more gold for another oil shipment in the coming days.

He said the central bank had so far bought 50,945 ounces of gold which translates into US$96.6 million dollars.

“The first oil shipment, we paid US$40.6 million so we still have some balance there. We are expecting to buy another 20,000 ounces of gold this week and this should yield us about US$38.4 million.

“So the expected balance in the account should be around US$94.3 million so we have enough for another shipment and that is what we are working on,” he said in an interview on the sidelines of the MPC press conference.

He said the gold purchase arrangement was picking up and the country was expecting more shipment in February,

In December last year, Vice-President Dr Mahamudu Bawumia announced that Ghana had concluded talks for the operationalisation of the gold-for-oil policy.

He indicated that under the deal, which was similar to a barter, Ghana would receive cheaper fuel in exchange for gold.

The first consignment of policy arrived at the Tema Port last week and discharged into the receptacles of Bulk Oil Storage and Transportation Company (BOST).

The 41,000 metric tonnes of petroleum products was delivered by SCF YENISEI.

400 Characters left

Connect With Us : 0242202447 | 0551484843 | 0266361755 | 059 199 7513 |