The Gold-for-Oil initiative, which consists of the gold purchase program and the oil component, was started by the Bank of Ghana. Dr. Maxwell Opoku Afari, the Bank of Ghana’s First Deputy Governor, recently testified about the initiative before the Parliament’s Public Accounts Committee. He clarified that the bank has already purchased enough gold to cover the oil trades and is fully engaged in the program’s gold purchase component.
The program’s initial objective, according to Dr. Ernest Addison, governor of the Bank of Ghana, was to boost reserves by buying gold. The bank has already spent $248 million buying 181,435.25 ounces of gold for this purpose. Dr. Addison assured that there is enough gold to support the contract for the program’s gold-for-crude exchange, and the Precious Minerals Marketing Company likewise confirms this.
The director of financial markets at the central bank, Stephen Opata, also expressed confidence in the bank’s ability to continue the program by acquiring enough gold. He spoke to the Public Accounts Committee on January 16 to address any problems with the program’s feasibility.
The Bank of Ghana fully supports the Gold-for-Oil scheme and has taken all necessary measures to ensure its success. The bank has the means and the required amount of gold to fund oil transactions.
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