Former Chief Executive Officer (CEO) of the Ghana National Petroleum Commission (GNPC), Alex Mould, says government’s gold-for-oil policy will create chaos among industry players.
Ghana on January 15, 2023, took delivery of 40,000 metric tons of the first consignment under the policy from the United Arab Emirates.
The move by the government is meant to tackle dwindling foreign currency reserves coupled with the demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.
Umaru Sanda, Mr. Mould, observed that, the Bulk Oil Distribution Companies (BDCs) who are not enthused about the Bulk Oil Storage and Transportation (BOST) bringing oil to the country, will definitely not be happy with the government.
According to him, government is basically doing the same thing the existing industry players do by bringing in finished products into the country.
He took a swipe at the government for failing to make it clear to industry players that there won’t be a fair playing field now that it has commenced the gold-for-oil policy.
Mr. Mould stated that, “There are players already in the system and I think it’s going to cause a little chaos because you are introducing another player. First of all, the Bulk Distribution Companies (BDCs) will not be happy, because they are not even happy BOST brings products into the country”.
“Now government is going to be a player, and it’s going to use BOST, Tema Oil Refinery (TOR), Go Energy as BDCs. They are basically using our foreign exchange to favour a certain player, although that player is government. Government should make it very clear to the other players that it’s not going to be a fair playing field. We government, are going to take care of government, and you the private players should take care of yourselves. This is what you should tell people, rather than saying we are now doing a gold-for-oil barter swap, as if you are doing something different, you are not doing something different”.
He charged government to be transparent with the existing players, fearing that it [government] may not be fair with them.
“Who is the buyer of the gold? Who is selling you the oil? Transparency and accountability have to be clear to the existing players. I’m not saying the gold-for-oil is a bad thing, but it’s not transparent, it’s not clear. And may not be fair to the existing players, because all you are doing is what you should have done long ago,” he pointed out.
The former CEO of the GNPC said the amount of foreign exchange that will come in as a result of the Gold-for-oil barter trade will neither increase nor decrease.
“It’s a zero-sum here, the amount of foreign exchange we will get for this gold-for-oil -policy is not going to reduce or increase. We are still going to get the foreign exchange we sell from gold coming into the country, unless BoG and Precious Minerals Marketing Company (PMMC) are very lax and not allowing the sales from the gold to come into the country. Let us fix the challenge in the whole value chain to know who is doing what,” Mr. Mould suggested.
The Energy Ministry, the Bulk Oil Storage and Transportation and Oil Marketing Companies are to formulate plans for distribution and sale of the oil.
The Black Stars will open camp in Accra on Monday, November 11, 2024, to begin preparations for their final two 2025 Africa Cup of Nations (AFCON) qualifiers.
Otto Addo’s team will hold their first training session at the Accra Sports Stadium at 5:00 p.m. ahead of the matches against Angola and Niger.
Monday’s training session will be open to the media and fans, but Tuesday’s session will be held behind closed doors, according to the Ghana Football Association.
The team will travel to Luanda on Wednesday and hold their pre-match mandatory training at the Estádio 11 de Novembro.
The match against Angola will take place on Friday, November 15, in Luanda, before the Black Stars wrap up the qualifiers at the Accra Sports Stadium against Niger on Monday, November 18.
Ghana currently sits third in Group F with just two points from four games, and qualification is no longer in their hands.
The Black Stars must win their remaining matches and hope that Sudan, who have seven points, lose both of theirs in order to qualify.
As Ghana prepares for its upcoming 2024 elections, President Nana Akufo-Addo has issued a cautionary message to religious leaders regarding the increasing number of conflicting prophecies surrounding the electoral process. This warning comes at a time when prophetic support for various candidates is gaining visibility, notably for former President John Mahama.
One of the most prominent voices in this discourse is Prophet Clement, a respected spiritual leader known for his influential role in the community. Recently, Prophet Clement has made headlines by publicly declaring that he has received divine revelations affirming Mahama’s victory in the presidential race. He claims to have experienced visions of Mahama triumphing on ten distinct occasions.
In a recent public address, Prophet Clement shared his compelling visions, stating, “I have seen this several times. I saw Mahama’s face being painted with the Ghana map, and he was jubilating.” This vivid imagery has sparked discussions among citizens and political analysts alike, raising questions about the influence of spiritual insight on the electoral process.
The prophet has expressed a sense of divine mandate to pray for Mahama’s success and has indicated his readiness to support any candidate believed to be chosen by God. This endorsement comes at a critical juncture as President Akufo-Addo prepares to step down after two terms in office, following Ghanaian law that limits presidents to a maximum of two terms. This transition sets the stage for a highly competitive election as various candidates position themselves to fill the leadership void.
With the election date drawing near, anticipation is mounting across the nation. Ghanaians are encouraged to actively engage in political conversations that will shape the future of their country. As events unfold, the nation stands at a crossroads, and the outcomes of this electoral process are poised to influence Ghana’s political trajectory for years to come.
President Akufo-Addo’s warning serves as a reminder of the complex interplay between faith and politics in Ghana, urging both clergy and the public to approach the forthcoming elections with discernment and responsibility.
As prophetic backing for Mahama intensifies, many Ghanaians are closely monitoring the political landscape. The discussions surrounding Prophet Clement’s predictions have ignited both interest and debate within the electorate. Citizens are left to ponder the implications of these prophecies: Will Mahama’s candidacy align with the predictions of a certain victory, or could the election result in a surprising shift, bringing a different leader to the forefront?
Black Stars full-back Gideon Mensah has shared details about a potential transfer to FC Barcelona that fell through five years ago due to a breach of confidentiality. In 2019, while Mensah was with Red Bull Salzburg, he was offered a loan move to Barcelona as a backup for Jordi Alba.
However, news of the deal leaked, breaking the confidentiality agreement and ultimately leading to the transfer’s collapse a missed opportunity that Mensah recalls as deeply disappointing.Reflecting on the moment, Mensah said, “I couldn’t resist thinking about the next flight to Spain.
The next day, I saw the news everywhere in Ghana that Barcelona wanted me. So, I called my agent, asking him what happened to keeping it quiet.” His agent was also unaware of how the information got out, which led to the transfer unraveling.
Today, Mensah plays for French Ligue 1 side AJ Auxerre and has earned nearly 30 caps with the Ghanaian national team, the Black Stars.
