Gov’t commences review of ‘Gold for Oil Policy’

The government has initiated a review of the Gold for Oil policy, holding a crucial meeting with petroleum sector stakeholders amid concerns over potential fuel shortages in parts of the country.

On his first day in office, Energy Minister John Jinapor met with key industry groups, including the Bulk Oil Distribution Companies, the Chamber of Oil Marketing Companies, and others stakeholders to discuss the policy’s future.

“We’re also reviewing the Gold for Oil programme as we promised in our manifesto,” Minister Jinapor stated in a meeting held on Tuesday, February 4.

He added “The Minister of Finance is already working on the gold aspect and intends to set up what he describes as a Gold Board. On our side, we are reviewing it [ Gold for oil policy]. If you see some work, it’s just an interim arrangement.”

He explained that the review is necessary as the policy cannot be truncated until there is a workable solution.

The Minister assured stakeholders of enhanced transparency, stating that President John Dramani Mahama is establishing another committee to oversee the energy sector comprehensively.

“We intend to work with you [stakeholders]. We cannot claim to know everything, and in this sector, you captains of industry sometimes even know better than those of us in office,” he added.

Source: Joy Business News