The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, is charging authorities to spell out the nitty-gritty of the gold-for-oil coverage to Ghanaians.
He mentioned the coverage appears lifeless on arrival as a result of the oil delivered appears to not have any influence on pump costs as they preserve growing.
His name comes on the again of affirmation by the deputy Energy Minister, Andrew Egyapa Mercer, that the preliminary consignment of 40,000 tons of oil introduced into the nation below the coverage was bought with money and never gold.
Despite numerous claims by Vice President Dr. Mahamudu Bawumia that the gold-for-oil coverage will scale back the strain on foreign exchange and in addition current the nation with cheaper gasoline, gasoline merchandise have been elevated twice since Ghana took supply of the 40,000 tons of oil.
Speaking to Citi News, Mr. Amoah, suggested authorities to come back clean on the coverage after it turned out that it paid money for the oil urging authorities to halt the coverage and focus on fixing the cedi.
“I think after this revelation, the ministry of energy, ministry of finance, Bank of Ghana, government itself should come clean and tell Ghanaians that, look we are going to use your public funds to now go into the realm or arena of forex trading… We do think that whatever details or the nitty-gritty of the gold-for-oil policy should be communicated so that we all depart from this gold-for-oil mantra and deal with the reality of the issue,” the Executive Secretary of COPEC asserted.
He added that “they need to give details so that we can all interrogate the issue, and not hide behind we are going to buy forex for the local market…only for it to turn out to be a fiasco, a lie, then I think that they have not treated all of us fairly. The gold-for-oil policy seems dead on arrival because the cargo that was delivered seemed not to have had any impact on pump prices. I think they should halt or end this dangerous expedition and go back to fixing the cedi”.
He requested why the federal government didn’t public sale {dollars} to the Bulk Oil Distribution Companies (BDCs).
“If you tell us gold-for-oil is a shield for forex so that the BDCs’ demand for forex and the pressure it puts on the cedi goes down, and it ends up that we rather took dollar, real cash from here to now go and import, shouldn’t you have auctioned the dollars to the private firms to reduce the pressure that the BDCs are facing as opposing to this dangerous transaction?” Mr. Amoah questioned.
Speaking at this 12 months’s New Year School, Dr Bawumia mentioned the gold for oil coverage is the very best for the nation trying on the present financial challenges.
“…Ghana took delivery of its first cargo under the gold for oil policy. This is our test cargo, it is the cargo to test the framework if everything that has been put in place will work, by the grace of God the Framework will work and if that should happen we are going to save a lot of foreign exchange and reduce the pressure on our currency.”
Source: citinewsroom.com
