The first consignment of petroleum products delivered under the Government’s Gold for Oil Policy can serve consumers between 10 to 15 days, the Bulk Oil Storage and Transportation Company (BOST) has said.The Company confirmed to the Ghana News Agency that it has taken delivery of about 41,000 metric tonnes of the petroleum products, valued at about $43 million at the Tema Port.
Mr Marlick Adjei, Head of Communications, BOST, told the GNA that the Company was in the process of completing the necessary protocols to begin discharging the products into its tanks for onward sale to Bulk Distributing Companies (BDCs).
The Government announced the Gold for Oil Policy in November last year as an innovative measure to exchange gold for petroleum products instead of US Dollars.
The Government said the move was intended to reduce the demand for dollars for the importation of petroleum products and by extension reduce the rate of depreciation of the Cedi.
Bora Advisors