The Chamber of Petroleum Consumers is doubtful whether government’s Gold for Oil deal could result in a reduction in fuel prices at the various pumps.

Government has acquired the first consignment of 40,000 metric tonnes of oil under the deal and is optimistic that this would cushion fuel consumers.

But Executive Secretary of the Chamber of Petroleum Consumers, Duncan Amoah told JoyNews that the unavailability of a policy document for the deal makes it impossible to accept government’s claim of reduction in fuel prices.

He explained that such a document with details of government’s plan for the deal could have addressed some of their concerns.

“Unfortunately, we at the Chamber of Petroleum Consumers are unable to ascertain the claim due to the non-availability of a policy document that spells out exactly what Bank of Ghana is aiming to acquire, how many tons of gold, exactly what is PMMC pumping into the local mines and what we are pumping into them.

“There are a few critical things we would have wished that a policy document would have answered, but as we speak, there is really nothing,” he said on the Midday news on Joy FM, Tuesday.

Meanwhile, the Bank of Ghana (BoG) has calmed the fears of Ghanaians over government’s ability to provide enough gold for its Gold for Oil policy. 

The Director of Financial Market at the Bank of Ghana, Stephen Opata, says the country has sufficient quantity of gold reserves to sustain the policy. 

Mr. Opata made this known on Monday, January 16, when he appeared before the Public Accounts Committee (PAC).

“As for the quantities, based on the production numbers we saw last year, gold has picked up. We believe that we can buy enough gold to sustain the programme.

“I must say that the numbers we are currently looking at is about 160,000 ounces per month and that will represent about 50 to 60 percent of the consumption of the country. According to what PMMC indicates, I think we have volumes to support the programme,” Mr Opata said.