Dr Steve Manteaw
The Precious Mineral Marketing Company (PMMC)is unable to pay for gold purchases under the gold for oil policy.
The policy is designed to allow the government to pay for imported petroleum products with gold in direct barter arrangements, using gold purchased by the Bank of Ghana.
The policy aims to help stabilise prices of fuel products, as well as reduce pressure on Ghana’s foreign exchange, because direct gold barters will be the modus for paying for imported oil, which will help guard against depleting the country’s foreign exchange reserves.
Some experts, including the former chief executive of the National Petroleum Authority (NPA) Alex Mould, have described the policy as needless.
In a Facebook post on Thursday (23 March), Manteaw says the development which has led to frustration on the part of small-scale miners could lead to smuggling.
“Gold4Oil Alert PMMC unable to pay for gold purchases. Small-scale miners frustrated as a result. Smuggling imminent,” Manteaw posted on Facebook.
Fred Dzakpata
