Emirates National Oil Co. denied a senior Ghanaian official’s claim that the company is in talks about supplying the West African nation with fuel in return for gold.
“This is totally baseless and incorrect,” an ENOC person said to Bloomberg on Tuesday. “There have been no discussions regarding this subject.”
Ghana’s government reached a “tentative” agreement with the Dubai-based oil firm, Kabiru Mahama, an economic adviser to Vice President Mahamudu Bawumia, said on Friday.
Ghana, Africa’s second-largest gold producer, last week ordered large mining companies to sell 20% of the metal they refine to the central bank from Jan. 1. It’s trying to build up reserves of bullion to be used to import fuel and reduce demand for dollars after a currency plunge of 57% this year.
“We’re open to any international oil-trading company that is interested,” Mahama had said in a phone interview. “Starting next October, all our oil-product needs would be swapped for gold.”
Latest Stories
-
Will Ghana’s democracy stand the test of time in the 2024 elections?
3 hours -
Hindsight: Dreams fairytale run proved one thing; it is possible
4 hours -
God makes rulers, not you; you can’t choose your successor – Mahama to Akufo-Addo
5 hours -
Contributors own SSNIT, they must decide who becomes its Director-General – Austin Gamey
6 hours -
Move away from theory-based learning towards practical learning approaches – AUCC President to students
6 hours -
Haaland scores as Manchester City beat Nottingham Forest
7 hours -
Villas-Boas elected Porto president
7 hours -
Situation on frontline has worsened, Ukraine army chief says
7 hours -
US doctor describes witnessing starvation in northern Gaza
7 hours -
CAFCC: RS Berkane make final after USM Alger refused to play 2nd leg over Moroccans’ jersey
7 hours -
Elon Musk in China to discuss enabling full self driving
7 hours -
PSG clinch Ligue 1 title after Lyon’s win over Monaco
9 hours -
Guinness Ghana sets the pace at Ghana Beverage Awards with six awards
10 hours -
Burkina Faso suspends BBC, VOA radio broadcasts over killings coverage
10 hours -
Nicole Kidman honoured with AFI Life Achievement Award
10 hours