• Contact US
  • Advertise With US
  • Privacy & Policy
  • Submit Station
Thursday, October 23, 2025
Kumasi Mail
Advertisement
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Woman, 24, found dead In boyfriend’s room

    One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Ghana’s 9th Parliament officially inaugurated

    Parliament halts reintroduction of Anti-Gay Bill after advertisement error

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

    Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Richard Ofori Agyeman Boadi, KMA BOSS

    KMA orders removal of unauthorized structures and billboards ahead of road project

    • Health
    • Education
  • Election 2024
  • Politics
  • Business
  • Showbiz
  • Opinion
  • Sports
  • World
  • Media
  • Manhyia
  • History
No Result
View All Result
  • Home
  • News
    • All
    • Education
    • Health
    • Manhyia
    Woman, 24, found dead In boyfriend’s room

    One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

    Ghana’s 9th Parliament officially inaugurated

    Parliament halts reintroduction of Anti-Gay Bill after advertisement error

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

    Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

    Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Krofrom Market files sealed- KMA promises revelation “in due course”

    Richard Ofori Agyeman Boadi, KMA BOSS

    KMA orders removal of unauthorized structures and billboards ahead of road project

    • 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

Woman, 24, found dead In boyfriend’s room
News

One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims
Education

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST
News

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Ghana’s 9th Parliament officially inaugurated
News

Parliament halts reintroduction of Anti-Gay Bill after advertisement error

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General
News

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

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

Woman, 24, found dead In boyfriend’s room

One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Ghana’s 9th Parliament officially inaugurated

Parliament halts reintroduction of Anti-Gay Bill after advertisement error

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

Abdul-Wahab Hanan denies corruption allegations mentioned by Attorney General

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

AG charges former Buffer Stock CEO and wife over GHS78m theft, money laundering

Chairman Wontumi granted GH¢1m bail ahead of trial over illegal mining

Attorney-General Dr. Dominic Ayine rejects plea deal in Wontumi case

Krofrom Market files sealed- KMA promises revelation “in due course”

Krofrom Market files sealed- KMA promises revelation “in due course”

Richard Ofori Agyeman Boadi, KMA BOSS

KMA orders removal of unauthorized structures and billboards ahead of road project

Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

Ghana’s Future at Risk: Poisoned lands, sick children, and a booming illegal gold economy- Minority raises alarm

  • 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
Woman, 24, found dead In boyfriend’s room

One person shot dead during Odwira rituals , 3 injured, 34 arrested by Police

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Ministry of Education challenges Akrofuom MP, other to prove claims amid explosive School Placement corruption claims

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Sesi Technologies unveils groundbreaking FarmSense soil intelligence system at KNUST

Ghana’s 9th Parliament officially inaugurated

Parliament halts reintroduction of Anti-Gay Bill after advertisement error

Facebook Twitter Youtube Instagram
Kumasi Mail

About US

Advertise With US

Submit Station

© 2024 KumasiMail.com