A former Chief Executive Officer of the National Petroleum Authority (NPA) has said there is nothing innovative about the government’s gold-for-oil deal.
Speaking on Asempa FM’s Ekosii Sen show Thursday, Mr Alex Kofi Mensah Mould wondered if the government is exporting new gold for new dollars, or it the same process as is done already.
“I think the gold for oil thing is a zero deal for me because there is nothing new. Government is only taking gold business from licenced exporters looking at the gold for oil deal structure. The gold for oil won’t give you incremental dollars,” he said.
To him, the policy, which involves exchanging Ghana’s gold for oil is simply setting aside the export of gold money for oil, adding that there is nothing big about it.
He explained that the policy does not serve its intended purpose since the two products involved, i.e gold and fuel, will still sell at the same prices.
Mr Mould is, however, of the belief that the assertion by government is flawed.
“The gold we are buying is the same gold. So is this going to ease the pressure on the cedi in Ghana?”
The government’s gold for oil policy has come under intense criticism after it was revealed that cash was used to purchase the first consignment.