Hon. Andrews Kofi Egyapa Mercer, the Deputy Energy Minister has announced the arrival of the first consignment of crude oil under the government’s ‘Gold for oil’ to be this week from the United Arab Emirates.
The contract according to government is to guarantee the supply of cheaper finished petroleum products to Ghana.
This initiative was announced by the Government in October last year to address the depreciation of the Ghanaian cedi against the US dollar.
The Deputy Energy Minister, who signed the deal in Dubai said a lot more oil companies have expressed interest in the initiative.
“On the 10th,11th, 12th of January, the first consignment of finished petroleum products is going to arrive in this country from the United Arab Emirates. All the necessary agreements that are needed to be executed has been executed. Lot more interest has been shown by other oil traders.
“Whatever government is doing is intended to complement what it is that the private sector who are operators within the space are providing just so that we can take some pressure off the dollar, okay, and make it available to other people who ordinarily will not be getting…”
Andrew Mercer
The Vice President, Dr. Mahamudu Bawumia also earlier noted that the initiative is not only to ease off the pressure on the dollar as the energy minister indicated but believes the initiative has a potential to affect the prices of goods and services on the market.
Appreciation Of The Key Stakeholders to This Deal
As courtesy demands, Dr. Bawumia expressed his heartfelt appreciation to various stakeholders who have taken the leadership front to make the operationalization of this initiative possible.
“My thanks to the Minister for Energy, Minister for Lands and Natural Resources, Governor of the Bank of Ghana, the Chamber of Mines, PMMC and BOST for their leadership in the operationalization of the Government’s Gold for Oil Policy. God bless our homeland Ghana.”
Dr. Bawumia
George Mireku Duker, Deputy Minister of Lands and Resources in his update on the arrival of the first consignment of crude oil to Ghana this week, has announced that Ghanaians should anticipate its arrival next week instead of the original given dates:10th, 11th and 12th of this month, as declared by the Deputy Energy Minister, Andrews Egyapa Mercer.
“We have put all the lines together and we believe that we are ready to kick start it. It is good and will help to cushion our currency, so all must support it.”
George Duker
The Deputy Minister of Lands and Resources added that while he was certain about the arrival of the oil next week, the volumes would be determined within the week.
Still more to come…
