Gold for oil is not documented policy, It’s just someone’s conception – Benjamin Nsiah reveals more (Video)

Hugely trumpeted Government Gold for oil Policy was expected to stablize the prices of oil products in Ghana but with few weeks after Christmas things have taken a different twist as the prices of the petroleum products have begun to surge upward.

It was announced to belived that the butter trade initiative between the Ghana Government and United Arab Emirates Government which Ghana would be exchanging Gold for oil with the Arabian Country will make oil relatively cheaper in Ghana.

Early this year, Government announced the first consignment of petroleum products delivered under the government’s Gold for Oil of about 41,000 metric tonnes of the petroleum products that was valued at about $43 million had arrived at the Tema Port. 

In the wake of the the surge in petroleum prices, Ben Nsiah, and energy expert speaking on Kessben Maakye with Kwame Appiah Kubi revelaed that the first consigment of the delivery did not actually come from the UAE.

Ben disclosed that the about 41,000 metric tonnes which was delivered was from Russia rather in agreement with BOST.

He stressed that there is no policy document that backs the much trumpeted Gold for oil deal, a reason why it has not had effect in stablizing the fuel prices.

According to him it’s just someone conception without any framwork of documented policy.


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