Gold-for-Oil: We will keenly monitor every step in value chain – Energy Minister

Energy Minister, Dr. Matthew Opoku Prempeh has given the assurance that his outfit will monitor keenly every step in the 'Gold for Oil' programme value chain from the ship that brings the oil, through delivery to the BDCs, to the OMCs and to the various pumps.

This, according to Dr. Prempeh will ensure that the purposes for which the programme was birthed, which are stable prices, lower prices and removing the foreign exchange conundrum are not defeated by the defects in the system.

Dr. Prempeh was speaking at the 2023 energy sector retreat at Senchi in the Eastern Region, where the Ministry of Energy and its agencies have gathered to strategise for the year.

The minister bemoaned the scare-mongering situation of the past year where every week there were doom predictions that Ghana was going to experience fuel shortages.

The Minister said the programme will ensure the fuel security of the country and further charged the Bulk Oil Storage and Transportation Company (BOST) to collaborate seamlessly with the National Petroleum Authority (NPA) regulator of the downstream space to ensure robust implementation.

The Minister further bemoaned the deliberate distortions in the media space around the policy and urged the NPA to keep updating the public on the nuances of the programme.

The Minister who is also Member of Parliament for Manhyia South said under the programme, the Chamber of Bulk Oil Distributors will not be allowed to negotiate on behalf of the Bulk Import Distributing and Export Companies (BIDECS) and thus said BIDECS who want to participate in the programme must apply to BOST.

“This programme, with stakeholders such as the Energy Ministry, Ministry of Lands and Natural Resources, Bank of Ghana, PMMC being led by the Vice President to all intents and purposes will provide the needed cushion to Ghanaians. We are taking steps to ensure that the premiums charged by the International Oil Traders are reduced, achieving some efficiency gains”

The energy sector retreat which started on Friday February 17, will end on Monday February 20 and is expected to further deepen efforts at ensuring reliable power supply and fuel availability for Ghanaians.

Watch the latest edition of BizTech and Biz Headlines below: