The Chamber for Bulk Oil Distributors (CBODs) has entreated the government to swiftly create a framework for the gold-for-oil programme that would guide it and prevent unjust treatment.
A week after the government received the first shipment under the agreement, some members of the chamber began working with the Bulk Oil Storage and Transportation Company Limited (BOST) to obtain the commodity.
The chamber’s CEO, Dr. Patrick Kwaku Ofori, said that the framework is necessary to prevent prejudice.
“I think the first consignment has already been there, some of our members were already trading with BOST. Those who already have an existing arrangement with government I think something can be done. Because we are looking forward to a potential or proper framework that will guide the whole process.
“I know the regulator met to solicit our views in terms of ensuring that they create a level playing field so that nobody is actually disadvantaged. And also the gains from the pricing advantage that can happen through the process can also trigger down to the pumps,” Dr. Patrick Kwaku Ofori told Citinews.
Ghana received 40,000 metric tons of the first cargo under the scheme from the United Arab Emirates on January 15, 2023.
The government’s action is intended to address the declining foreign exchange reserves and the demand for dollars from oil importers, which are weakening the local cedi and driving up living expenses.