Using gold to buy crude oil

VIDEO: Using gold to buy crude oil not de-dollarisation policy - VP Bawumia

Date: Nov - 28 - 2022 , 08:31

BY: GraphicOnline

VIDEO: Using gold to buy crude oil not de-dollarisation policy - VP Bawumia

Vice-President, Dr. Mahamudu Bawumia has stated that some analysts and commentators have misinterpreted Ghana’s policy of using gold reserves to pay for oil as an attempt by the country to move away from using the US dollar for international transactions.

Speaking at the 2022 AGI Awards in Accra, Dr. Bawumia noted that to the contrary, Ghana's gold for oil program will give Ghana the space to accumulate more international reserves as the country will save the $3 billion it spends on oil imports.

He added that the use of gold was specifically for oil imports in the face of declining foreign exchange reserves.

“Unfortunately some people have misinterpreted this as Ghana being against the use of the US dollar in international transactions. Far from it. We want to accumulate more US dollar reserves in the future”, the Vice President noted.

Vice President Bawumia noted that a major source of cedi depreciation has been the demand for forex to finance the import of oil products and to address this challenge, the government is negotiating a new policy regime where sustainably mined gold will be used to buy oil products.

Dr. Bawumia said: “If we implement the gold for oil policy as it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport and food prices".

This, he noted, is because the exchange rate (spot or forward) will no longer directly enter the formula for the determination of fuel or utility prices since all the domestic sellers of fuel will no longer need foreign exchange to import oil products.

Watch the Vice President's speech below;

Comments

Setting the Record Straight in Twifo Atti Morkwa constituency- NPP

Your Ref Our Ref Post Office Box 7, Twifo Praso September 8, 2023. TWIFO ATTI MORKWA PRESS RELEASE Ladies and gentlemen of the Press, good morning to you for making time out of your busy schedules to attend to this all important press gathering to throw light on happenings within our Constituency. We wish to assure you that the New Patriotic Party of Twifo Atti-morkwa Constituency will continue to demand for value for money audits to help the Constituency to develop and to improve standards of living. Ladies and gentlemen, we have invited you here to let you know what the 2022 Audit report said about the Member of Parliament for Twifo Atti-morkwa Constituency, Hon T.D Vondee. Ladies and gentlemen of the press, we followed and listened keenly to the responses of the MP when the issues and concerns of the Audit report came up. Ladies and gentlemen of the Press, the Auditor General in its published 2022 Audit report has cited the Member of Parliament for Twifo

C/R Hemang Lower Denkyira Npp Parliamentary Candidate and Health Authorities Organise Free Health Screening for Constituents*

C/R Hemang Lower Denkyira Npp Parliamentary Candidate and Health Authorities Organise Free Health Screening for Constituents* More than 1200 residents of Hemang Lower Denkyira Constituency in the Central Region have received free medical screening for various health conditions under the auspices of the Parliament Candidate *Mr Lawrence Kwabina Agyinsam (CEO Exim Bank Ghana)*. The residents were screened of Blood Pressure, Malaria, Hepatitis B, Blood Sugar, Eye Test, Dental Test, Typhoid Fever, Asthma and among others diseases. Speaking to the media *Mr Lawrence Kwabina Agyinsam* said it was his vision to ensure that his constituents have access to quality healthcare irrespective of their economic situations. “This is to offer residents the opportunity to have their health checked and get treatment at their door step. The medical outreach which is one of his many annual events was organised in collaboration with Equity Health insurance. The DCE for Hemang Lower Denkyira Constituen

Alleged Attack on Delegates in Hemang Lower Denkyira Constituency

Alleged Attack on Delegates in Hemang Lower Denkyira Constituency by Hon. Bright Wireko Brobby's Associates* In a startling incident today, on February 1st, 2044, at approximately 8:30 AM, four individuals reportedly armed with machetes and other weapons assaulted Mr. Stephen Cobbina, an Assembly member of Abeka Nkwanta, and a polling station chairman. According to Mr. Cobbina, the incident occurred at Twifo Hemang, just opposite the Church of Pentecost Junction. During the altercation, the assailants demanded the keys to Mr. Cobbina's motorcycle, while others proceeded to deflate its tires. Allegedly, the attackers claimed to be acting on behalf of Hon. Lawyer Bright Wireko Brobby, Member of Parliament for Hemang Lower Denkyira Constituency. They asserted that their mission was to recover dues from delegates who had allegedly received benefits but did not vote for Hon. Bright Wireko Brobby in the recent NPP parliamentary primaries. The group, reportedly led by an individual

AKORA RADIO

Search This Blog