• Contact US
  • Advertise With US
  • Privacy & Policy
  • Submit Station
Thursday, October 2, 2025
Kumasi Mail
Advertisement
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Govt secures ¥3 Billion JICA grant for Kumasi road project

    Govt secures ¥3 Billion JICA grant for Kumasi road project

    Paramount Chief and others face Kumasi High Court over illegal mining allegations

    A/R: 5 killed , 8 rescued in collapsed illegal

    Ghana owes over £32 Million to UK Schools in Scholarship arrears- Asafo Adjei reveals

    Seven arrested over scholarship fraud -Asafo-Agyei reveals

    GSS outlines roadmap to sustain single-digit inflation

    GSS outlines roadmap to sustain single-digit inflation

    Bono East Minister urges Chiefs to address growing chieftaincy disputes

    Bono East Minister urges Chiefs to address growing chieftaincy disputes

    PAC recovers GH¢12.9bn in misappropriated public funds

    PAC recovers GH¢12.9bn in misappropriated public funds

    NADMO extends relief to conflict-affected communities in Bole district

    NADMO extends relief to conflict-affected communities in Bole district

    Tobinco Pharmaceuticals donates Air Conditioner to St. Theresa Catholic Hospital in Nandom

    Tobinco Pharmaceuticals donates Air Conditioner to St. Theresa Catholic Hospital in Nandom

    ‘Arrogance and Reversal’: Minority slams and demands Sam George to account for GH₵10,000 levy imposed on DSTV

    ‘Arrogance and Reversal’: Minority slams and demands Sam George to account for GH₵10,000 levy imposed on DSTV

    • Health
    • Education
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
No Result
View All Result
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Govt secures ¥3 Billion JICA grant for Kumasi road project

    Govt secures ¥3 Billion JICA grant for Kumasi road project

    Paramount Chief and others face Kumasi High Court over illegal mining allegations

    A/R: 5 killed , 8 rescued in collapsed illegal

    Ghana owes over £32 Million to UK Schools in Scholarship arrears- Asafo Adjei reveals

    Seven arrested over scholarship fraud -Asafo-Agyei reveals

    GSS outlines roadmap to sustain single-digit inflation

    GSS outlines roadmap to sustain single-digit inflation

    Bono East Minister urges Chiefs to address growing chieftaincy disputes

    Bono East Minister urges Chiefs to address growing chieftaincy disputes

    PAC recovers GH¢12.9bn in misappropriated public funds

    PAC recovers GH¢12.9bn in misappropriated public funds

    NADMO extends relief to conflict-affected communities in Bole district

    NADMO extends relief to conflict-affected communities in Bole district

    Tobinco Pharmaceuticals donates Air Conditioner to St. Theresa Catholic Hospital in Nandom

    Tobinco Pharmaceuticals donates Air Conditioner to St. Theresa Catholic Hospital in Nandom

    ‘Arrogance and Reversal’: Minority slams and demands Sam George to account for GH₵10,000 levy imposed on DSTV

    ‘Arrogance and Reversal’: Minority slams and demands Sam George to account for GH₵10,000 levy imposed on DSTV

    • Health
    • Education
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
No Result
View All Result
Kumasi Mail
No Result
View All Result
  • Home
  • News
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
Home News

Gold for Oil policy: There was no formal agreement between BoG and PMMC – A-G Report

Kumasi Mail by Kumasi Mail
July 24, 2024
in News
0
Gold for Oil policy: There was no formal agreement between BoG and PMMC – A-G Report
Share on FacebookShare on Twitter

Vice President Dr Mahamudu Bawumia introduced the Gold for Oil (G4O) policy in 2022 to address Ghana’s declining foreign currency reserves and the increasing demand for dollars by oil importers.

These challenges were contributing to the depreciation of the Cedi and a subsequent rise in living costs.

The G4O programme aimed to stabilize the Cedi by leveraging Ghana’s gold reserves to secure competitively priced oil.

Two years later, the 2023 Auditor-General’s report has revealed significant issues with the implementation of the Gold for Oil programme.

The report highlighted the absence of a formal agreement between the Bank of Ghana (BoG) and the Precious Mineral Marketing Company (PMMC), which was responsible for purchasing the gold.

Without a formal agreement, the A-G stated that key terms of engagement, such as fees or commissions paid to PMMC, were not confirmed.

The Auditor-General stressed that transactions of this nature must be formalized to ensure clarity and mutual understanding between the involved parties.

“Without a formal agreement, both parties might lack the certainty of common understanding as to the terms which govern the business relationship.”

The BoG in its response explained that forex reserves came under pressure in 2022 due to a challenging macroeconomic environment caused by the COVID-19 pandemic, the Russia-Ukraine war, and pre-existing vulnerabilities.

“Fiscal and debt sustainability concerns, coupled with a sovereign downgrade, hindered the ability to secure external financing from international capital markets,” BoG added.

In response to the depreciating Cedi and rising inflation, the BoG noted that it implemented innovative strategies, including the G4O policy, adding that it obtained approval to purchase gold from eligible small-scale miners through PMMC for onward sale overseas to acquire forex and facilitate domestic gold purchase agreements.

Although a Memorandum of Understanding (MoU) was signed between the BoG and PMMC to establish operating procedures, a formal agreement had yet to be finalized.

The Auditor-General urged the BoG management to ensure a formal agreement is conducted for gold purchase and sale transactions with PMMC.

ShareTweetSend
Previous Post

Actress Ini Dima-Okojie opens up on return of fibroid three years after surgery

Next Post

‘Experienced’ Otto Addo will build a good team for Ghana – Agyemang-Badu

YOU MAY LIKE

Govt secures ¥3 Billion JICA grant for Kumasi road project
News

Govt secures ¥3 Billion JICA grant for Kumasi road project

Paramount Chief and others face Kumasi High Court over illegal mining allegations
News

A/R: 5 killed , 8 rescued in collapsed illegal

Ghana owes over £32 Million to UK Schools in Scholarship arrears- Asafo Adjei reveals
Education

Seven arrested over scholarship fraud -Asafo-Agyei reveals

GSS outlines roadmap to sustain single-digit inflation
News

GSS outlines roadmap to sustain single-digit inflation

Bono East Minister urges Chiefs to address growing chieftaincy disputes
News

Bono East Minister urges Chiefs to address growing chieftaincy disputes

Next Post
‘Experienced’ Otto Addo will build a good team for Ghana – Agyemang-Badu

‘Experienced’ Otto Addo will build a good team for Ghana – Agyemang-Badu

2024 KGL U-17 Championship to get underway as GFA launches 4th edition

2024 KGL U-17 Championship to get underway as GFA launches 4th edition

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

LATEST NEWS

Govt secures ¥3 Billion JICA grant for Kumasi road project

Govt secures ¥3 Billion JICA grant for Kumasi road project

Cocoa handlers demand wage increase, plan strike over unfair pay

Gov’t raises cocoa price by GH¢400 to boost farmers’ incomes – Ato Forson

Paramount Chief and others face Kumasi High Court over illegal mining allegations

A/R: 5 killed , 8 rescued in collapsed illegal

Ghana owes over £32 Million to UK Schools in Scholarship arrears- Asafo Adjei reveals

Seven arrested over scholarship fraud -Asafo-Agyei reveals

GSS outlines roadmap to sustain single-digit inflation

GSS outlines roadmap to sustain single-digit inflation

Bono East Minister urges Chiefs to address growing chieftaincy disputes

Bono East Minister urges Chiefs to address growing chieftaincy disputes

Goncalo Ramos said Paris St-Germain “want to win everything again” after his last-minute winner downed Barcelona in the battle of two of the Champions League favourites

Goncalo Ramos said Paris St-Germain “want to win everything again” after his last-minute winner downed Barcelona in the battle of two of the Champions League favourites

PAC recovers GH¢12.9bn in misappropriated public funds

PAC recovers GH¢12.9bn in misappropriated public funds

Film Industry Needs Tax Incentives to Attract Big Production Deals

Film Industry Needs Tax Incentives to Attract Big Production Deals

Accra Embraces Israeli Cinema as The Wedding Plan Captivates Film Festival Crowd

Accra Embraces Israeli Cinema as The Wedding Plan Captivates Film Festival Crowd

  • Trending
  • Comments
  • Latest
52-Year-old man arrested in Nsawam for possessing suspected EC Biometric Device

52-Year-old man arrested in Nsawam for possessing suspected EC Biometric Device

Ghana Airforce Z-9 Helicopter Goes Missing en Route to Obuasi, Rescue Efforts Underway

Ghana Airforce Z-9 Helicopter Goes Missing en Route to Obuasi, Rescue Efforts Underway

Asokore Mamponhene Nana Boakye Ansah passes away

Asokore Mamponhene Nana Boakye Ansah passes away

EPA CEO calls for Immediate action to restore polluted water bodies in Ashanti region

EPA CEO calls for Immediate action to restore polluted water bodies in Ashanti region

Hello world!

1
NCA promises lower data prices by year-end

NCA promises lower data prices by year-end

1
COVID-19: Information Ministry justifies GHC150K spent on staff

COVID-19: Information Ministry justifies GHC150K spent on staff

1
EC to conduct mop-up registration August 1-3

EC to conduct mop-up registration August 1-3

1
Govt secures ¥3 Billion JICA grant for Kumasi road project

Govt secures ¥3 Billion JICA grant for Kumasi road project

Cocoa handlers demand wage increase, plan strike over unfair pay

Gov’t raises cocoa price by GH¢400 to boost farmers’ incomes – Ato Forson

Paramount Chief and others face Kumasi High Court over illegal mining allegations

A/R: 5 killed , 8 rescued in collapsed illegal

Ghana owes over £32 Million to UK Schools in Scholarship arrears- Asafo Adjei reveals

Seven arrested over scholarship fraud -Asafo-Agyei reveals

Facebook Twitter Youtube Instagram
Kumasi Mail

About US

Advertise With US

Submit Station

© 2024 KumasiMail.com