Government to closely monitor gold-for-oil value chain – Energy Minister

Government to closely monitor gold-for-oil value chain – Energy Minister

At the 2023 energy sector retreat in Senchi in the Eastern Region of Ghana – where the Ministry of Energy and its agencies gathered to plan for the coming year – Dr Matthew Opoku Prempeh, Energy Minister, has assured that the ministry will closely monitor every step of the ‘Gold for Oil’ programme value chain, from the ship that transports the oil to the BDCs, OMCs, and various pumps.

According to him, this will ensure that the programme’s goals of stable prices and lower prices, as well as eliminating the foreign exchange challenge are not undermined by system flaws.

The minister lamented about the previous year’s near-weekly constant negative predictions of fuel shortages in the country.

He stated that the programme will ensure the country’s fuel security and charged the Bulk Oil Storage and Transportation Company (BOST) to work seamlessly with the National Petroleum Authority (NPA), the downstream regulator, to ensure robust implementation.

He added that under the programme, the Chamber of Bulk Oil Distributors will not be permitted to negotiate on behalf of the Bulk Import, Distribution, and Export Companies (BIDECS). BIDECS interested in participating in the programme must apply to BOST.

“This programme, with stakeholders such as the Energy Ministry, Ministry of Lands and Natural Resources, Bank of Ghana, PMMC being led by the Vice President to all intents and purposes will provide the needed cushion to Ghanaians. We are taking steps to ensure that the premiums charged by the International Oil Traders are reduced, achieving some efficiency gains”

The energy sector retreat, which began on Friday, February 17, will conclude on Monday, February 20, and is expected to deepen efforts to ensure Ghanaians have reliable power supply and fuel availability.

Source: Energy Ghana





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