Bussiness
Fuel prices to go up by Ghc17 despite Gold for Oil Policy – IES
The Institute of Economic Security (IES) is predicting an increase in fuel prices despite the Gold for Oil Policy being rolled out by the government.
Speaking on Starr Today with Joshua Kodjo Mensah Monday January 30, 2023 Policy Analyst with the IES, Adam Yakubu said consumers should expect that by Tuesday or Wednesday prices of petroleum will jump up per their estimated projections.
“Even though the government’s policy on Gold for Oil is on course we are not seeing anything after the 45 metric tons of oil that we brought in somewhere last week. In the last two weeks the international prices of petroleum have gone up and the cedi has also lost some considerable value against the major trading currencies and the dollar.
“Until the full disclosure of the Gold for Oil Policy by the government we are unable to see any clear reduction. Unless the government has something to do with its taxes on petroleum products that will bring some respite which we are not seeing because of the economic situation we find ourselves in,” Mr. Yakubu stated.
He continued: “So clearly, from now on consumers should brace themselves for Ghc15 to 17 cedis diesel and LPG Ghc14.”
Meanwhile, Former President John Mahama has stated that the government must put before parliament, the Gold for Oil agreement for parliamentary scrutiny and approval since the deal is an international financial transaction.
“According to the 1992 Constitution of Ghana international financial transactions require the approval of Parliament,” he stated at a public forum in London, adding “it does not matter that the Gold for Oil deal is a batter trade.”
Speaking in response to a question at the forum, attended by members of the UK & Ireland Chapter of the National Democratic Congress (NDC), President Mahama cited the Sinohydro agreement that exchanges the country’s bauxite for infrastructure development by China as a classic example of batter trade.
He further explained that if the Sinohydro agreement was a batter deal and went to Parliament for approval because it is an international financial transaction, why not the current deal in which Ghana’s gold is being exchanged for oil.
The former President noted that the deal is currently shrouded in complete secrecy with only government officials who are involved in the transaction knowing the details, describing the development as unacceptable.
Source: Ghana/Starrfm.com.gh/103.5FM
Bussiness
Global Market Volatility: Gov’t absorb GH¢2.00 per litre on diesel and GH¢0.36 per litre on petrol
Effective Thursday, April 16, 2026, which is the next pricing window, the Government will absorb GH¢2.00 per litre on diesel and GH¢ 0.36 per litre on petrol.
This intervention is intended to cushion customers and ease the cost burden on households, transport operators, and businesses.
The measure, approved by Cabinet, is in response to rising prices of petroleum products on the international market, which have significantly impacted ex-pump prices in Ghana.
This temporary intervention will remain in force for a period of one (1) month.
During this period government will continue to closely monitor developments in the global oil market and assess the need for further policy adjustments.
A statement signed by Minister of Government Communications, Felix Ofosu Kwakye noted that they remain commited to maintaining price stability, protecting livelihoods, and supporting Ghana’s economic recovery in the face of external shocks.
Ghana’s gold and minerals sector is set for a major spotlight as Meetings. Co, in partnership with key industry stakeholders, announces the Mining & Minerals Convention 2025, scheduled from August 26-27, 2025, at the Kempinski Hotel Gold Coast City, Accra.
Held under the theme “Shaping the Future of Ghana’s Gold Industry,”‘ the Convention will convene government leaders, regulators, miners, refiners, investors, sustainability partners, innovators, and responsible mining, and global competitiveness,policy experts to explore strategies that position Ghana’s gold industry for long-term growth.
The two-day convention will feature presidential and ministerial keynote addresses, industry thought leadership, technical paper presentations, policy dialogues, fireside chats, exhibitions, and high-level networking sessions.
Convention delegates can anticipate a dynamic and insightful experience, marked by thought leadership from leading policymakers and regulators, in-depth discussions on key topics such as sustainability, ESG, digital gold, and responsible sourcing, as well as valuable opportunities to forge public-private partnerships and investment deals.
Moreover, the event will offer practical action points aimed at unlocking greater economic value for Ghana.
The 2025 edition will be supported by a strong coalition of strategic partners, including the Ministry of Lands and Natural Resources, the Minerals Commission, GoldBod, the Minerals Income and Investment Fund (MIIF), and the Ghana Extractive Industries Transparency Initiative (GHEITI).
