The Executive Director of the Africa Centre for Energy Policy (ACEP), Benjamin Boakye thinks federal government’s proposed gold-for-oil policy is absolutely nothing however a dish to take overall control of the petroleum worth chain. He stated the arguments advanced in favour of the policy are misshaped and shredded in parochial interests. Mr. Boakye argued that it isn’t real that forex scarcity is mostly to blame for the country’s energy shortages. “That presumption that gold profits do not concern Ghana and for that reason the federal government does not have control over the profits from the export of gold is flawed. The federal government comprehends this market more than a few of us since there is no chance a gold service can run without the profits entering the nation. If you inspect the Chamber of Mines report and the reports of the mining business, the cashes required to keep the mines running and to be able to pay their taxes to the federal government has to do with 75 percent of the overall export of the gold.” Speaking on the Point of View on Citi television, the energy expert stated the federal government’s insinuations that forex scarcity is a distressing pattern impacting the nation’s energy requires is extravagant and unbelievable. “Gold has a dollar worth and if you track the gold and the dollar in the last years, you will understand that there is no currency on the planet that has actually been more powerful than the dollar. The federal government is simply attempting to manage the worth chain and there is absolutely nothing more than what they are attempting to do. “Those who are doing the gold export and purchases, inquire, the majority of them depend on their partners in foreign nations who generate the dollar for them to fund their operations to be able to purchase the gold and export to them.”
Govt looking for to manage oil worth chain with gold-for-oil policy– Ben Boakye
