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BizTech: The role of BOST in government's gold-for-oil programme

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Fri, 26 May 2023 Source:

In November 2022, Vice President Dr Mahamudu Bawumia disclosed that government was undertaking a gold-for-oil programme.

The policy meant that through the Bulk Oil Distribution Company Limited, the Bank of Ghana in collaboration with the Precious Minerals Marketing Company would purchase petroleum products with gold in a barter deal.

BOST on its part would then store and distribute the petroleum products to Bulk Distribution Companies for sale to Oil Marketing Companies after the National Petroleum Authority has regulated the pricing regime which it deems fit for the market.

Some eight months after the policy has been introduced, Managing Director of BOST, Edwin Provencal speaking in an interview with Mawuli Ahorlumegah on BizTech shared that the initiative has thus far yielded some results.

He further detailed the role that the state-owned company plays in ensuring that the petroleum products are successfully sold and distributed as part of efforts to reduce importation of petroleum products into the country.

The main aim of the gold-for-oil programme seeks to address the cedi’s depreciation against major trading currencies, provide stability of petroleum products at cheaper rates and reduce dependence on foreign exchange for the purchase of petroleum products.

Watch the full interview below


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