Gold For Oil Is Helping To Stabilize The Cedi – Nana Akwasi Awuah
The managing director of Precious Minerals Marketing Company, Nana Kwasi Awuah has thrown more light on Government Gold For Oil Initiative.
Precious Minerals Marketing Company (PMMC) is an authorized body, legally permitted to grade, assay, value, process buy and sell precious minerals and to license agents in Ghana which has been contracted by the Government of Ghana to front the Gold For Oil Initiative.
The MD of PMMC, Nana Kwasi Awuah speaking in an interview with Kwame Appiah Kubi on Kessben TV noted that since the initiative kickstarted in Jan 2023, it has helped stabilize the Ghana cedi against the Dollar.
He noted that apparently, the Ghana Government has to find about $350 million every month for the importation of petroleum products which makes the cedi depreciate more but since the Gold for oil kickstarted the cedi has seen some significant appreciation and has been stable.
Nana Akwasi debunked some claims in the media circles that the Gold for oil initiative is powered through Ghana’s Gold Reserve.
According to him, the initiative is powered through buying gold from the small-scale miners within Ghana with Ghana cedis.
He notes that the Ghana Gold reserve which has been only 8 tonnes since 1990 has significantly seen a shore-up to 12 tonnes and is very safe.
Nana Akwasi stressed that due to the benefits, the country stands to gain which will bring some level of glory to the sitting government, some people are not happy and thus have decided to sabotage the whole initiative painting it as a scam.
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