Ghana has received the second consignment of 40,000 metric tonnes of fuel as anticipated under the Gold-for-Oil deal.
The second consignment 40,000 tonnes arrived in Ghana at the Tema port on Sunday, February 19, 2023 according to reports.
The government of Ghana as part of its efforts in revamping the economy chose this deal, a typical barter system to augment efforts in reducing importation of petroleum products which has weakened the Ghanaian Cedi’s strength vis-a-vis major foreign currencies.
Managing Director of the Bulk Oil Storage and Transportation Limited (BOST), Edwin Provencal disclosed that four separate gasoline cargoes are expected by the end of February under this barter system.
Some economists bashed government’s decision to embrace the deal. Subsequently some analysts criticized government of not coming clean on the deal and that the deal wasn’t feasible and has not impacted positively at the pumps.
Ghana however has so far received a total of 80,000 tonnes of oil under the deal and Vice President of Ghana, Dr. Bawumia believes this will impact positively on the economy.
The BOST CEO earlier disclosed the consignment coming into the country by the end of this month.
The next shipment will arrive on Sunday February 19th. It’s 35,000 tons of gasoline. The following week, another 40,000 tons will arrive, followed by another 40,000 tons that same week, and then another 40,000 tons in the last week of February. So, God willing, there will be four by the end of February, he said.
While some Ghanaians have slammed government over this deal, others regard this move by government as the right option in this current economic situation.
