Gold for Oil Arrangement Will Tame The Dollar Soon -Tema MCE

• Feb 20, 2023

The Metropolitan Chief Executive (MCE) of Tema, Hon. Yohane Amarh Ashitey, has said that Ghana’s successful receipt of second consignment of oil under the gold for oil barter arrangement shows that the policy will work.

Speaking on the sidelines of a funeral in Tema over the weekend, he said the arrangement is a masterstroke that will in the long run really tame the wild appreciation of the US dollar against the local currency, the cedi.

“For the pessimists among us, I believe the indications are clear that this can work and if it does, then what a fantastic way to tame the US dollar which has been the biggest headache against the value of the cedi!”

The gold for oil barter arrangement entails the government of Ghana paying directly for oil with gold rather than the US dollar as a way of ensuring that forex volatilities do not continue to bedevil the country.

Last week, the Bulk Oil and Transport company (BOST) confirmed that it had taken delivery of a second consignment of oil under the deal.

CEO of BOST, Edwin Alfred Provencal, told journalists that 40,000 metric tonnes of oil arrived at the Tema port on Sunday, February 19. 

With this, the government has currently received a total of 80,000 tonnes of oil under the policy. 

Meanwhile, BOST says it is expecting 152,000 tonnes of petroleum products by the end of this month. 

The Tema MCE reiterated that the arrangement is a masterstroke and that it is on the right path to succeed.

“When it does, we will have to do well to remember that it was the brainchild of Vice President Mahamudu Bawumia which was approved by the Cabinet of His Excellency President Nana Akufo-Addo.”

He urged Ghanaians to, “continue believing in President Akufo-Addo and his government,” adding that, “the leadership is still on course and deserves the support of Ghanaians to succeed.”

Meanwhile, Hon. Yohane Amarh Ashitey has reiterated his condolences to the family of the late Emmanuel Kobina Acquah, a polling station chairman whose one week observance he attended at Tema Manhean on Saturday.

The hardworking MCE, who was mobbed and received cheers from mourners including NPP polling station executives, was accompanied by Nene Ofoe Teyechu Agbadiagba IV, Tema East NPP chairman. Mr. Stephen Aboagye, 2^nd Vice chairman of Tema East NPP and Mr. Albert Kraku, Tema East NPP Communication Officer and special assistant to the MCE.

Hon. Daniel Nii Kwartei Titus-Glover, former Member of Parliament for Tema East and deputy minister of Transport, Mr. Ernest Panful, respected head of intelligence unit of the Ghana Ports and Harbours Authority, Mr. Samuel Ofoe, a prominent man of Ada.

Mr. Willian Osabutey, senior supervisor at GPHA, Mr. Albert Adjetey Doku, staff of GPHA, Mr. Daniel Opare, experienced security hand at GPHA and Mr. Seth Agyapong, alias Shadow, were also in attendance at the well-attended function.