Governor of the Bank of Ghana, Dr. Ernest Addison has dismissed claims that there were no stakeholder consultations before the decision to barter gold for oil from next year.

At the Monetary Policy Committee meeting on Monday, Dr. Ernest Addison said some major mining firms were consulted before arriving at the decision.

He said the mining firms agreed to sell at least 20% of their gold production to government.

“The Newmonts and the AngloGolds were all part of the meeting we had together with the Vice President at which the decision was taken that they will from time to time in 2023, sell at least 20% of their production of gold to the Central Bank.”

According to him, the decision was a general consensus from the mining firms and government did not force them.

“In fact, most of the mining companies who were at that meeting were very cooperative and it was not something which was forced on them. They were ready to contribute their quota to support Ghana during these difficult times,” he stated.

Dr. Addison added that the International Monetary Fund (IMF) is very much aware of this programme by the government.

He noted that government had already held meetings with the Fund in October concerning the gold for oil programme.

Vice President Dr. Mahamudu Bawumia on his Facebook page last week Thursday disclosed the gold for oil policy which he said is expected to address the “dwindling foreign exchange reserves” to procure oil products.

He said the government expects “this new framework to be fully operational by the end of the first quarter of 2023.”