Ghana will start receiving relatively cheaper fuel under the “Gold for Oil” policy in January 2023. 

It follows the successfully completion of negotiations between government officials and the United Arab Emirates (UAE). 

Vice President, Dr Mahamudu Bawumia made this known in a Facebook post on Thursday.

According to the Vice President, this will curb the constant price fluctuations of petroleum products. 

“I am happy to announce that the Government of Ghana has concluded the arrangements for the operationalization of the Gold for Oil policy. 

“Consequently, the first oil products under the policy will be delivered next month (January 2023). 

“My thanks to the Minister for Energy, Minister for Lands and Natural Resources, Governor of the Bank of Ghana, the Chamber of Mines, PMMC and BOST for their leadership in the operationalization of the Government’s Gold for Oil Policy,” he posted. 

The Gold for Oil barter deal will see Ghana getting cheaper fuel in exchange for gold.

It is expected to address the country’s “dwindling foreign exchange reserves” to procure oil products.

However, the policy after its announcement had many wondering if the country had enough gold in its reserve to exchange for oil but a Deputy Energy Minister, Dr Mohammed Amin Adam doused the fears.