Fuel from gold for oil policy serves only 20% of Ghana’s market – BoG

The Head of financial markets at the Bank of Ghana, Stephen Opata, has confirmed that the first consignment from the gold for oil policy is already being sold to the bulk oil distributing companies.

He noted that even though the prices are lower than the ex-pump prices, the impact will not be felt since it is just about 20% of the country’s market neds.

“The product was cleared from the ports today and I know that BOST has started selling. This is just 20% of our market needs from the numbers I have seen the prices are better than what is at the ex-pump prices right now.

“Because this is just 20 percent of our needs, it will not make that much impact as it would if we were to be doing 100 percent of our diesel needs,” he was quoted by myjoyonline.com.

The first consignment of the oil from the gold for oil policy arrived in Ghana on Monday, January 16, 2023.

The 41,000 metric tons of oil from the United Arab Emirates was however discharged to Bulk Oil Storage and Transportation (BOST).

The move is part of the government’s efforts to curb high fuel prices and the lack of enough dollars to purchase oil from the international market.

SSD/FNOQ