Managing Director of Precious Minerals Marketing Company (PMMC), Nana Akwasi Awuah, is optimistic the government’s gold for oil policy is a step in the right direction and will succeed.
According to him, Ghana has enough gold in its reserve to exchange for oil in order to regulate the prices of fuel.
The Gold for Oil barter deal will see Ghana getting cheaper fuel in exchange for gold.
It is expected to address the country’s “dwindling foreign exchange reserves” to procure oil products.
However, following the announcement, many Ghanaians have asked the government to implement the policy with caution amidst concerns over how government will get the gold for the deal.
But speaking on Adom FM’s Dwaso Nsem, Mr Awuah indicated there is no cause for alarm.
“There is an abundance of gold in the country. Between January and December 2022, only the small-scale sector gave about 1.1 dollars tonnes of gold.
“In previous years, we did about 2.4 billion dollars and the sector alone contributes about 40% of Ghana’s total gold production so that should tell you we have a lot,” he said.
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The Managing Director also added there have been major expansions for gold mining in several parts of the country which will all contribute to its success.
“At first when we talk about mining, we only think of Wassa Akropong, Bibiani, Prestea, Bogoso but now, gold mining is going on in the Savannah region, Dollar Power, Banda Nkwanta, Dakrope, so Ghana indeed is the Gold Coast of Africa,” he added.
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