The Bank of Ghana (BoG) spent GH¢2.43 billion on its Gold for Oil (G4O) program as of December 31, 2023. This program aims to stabilize fuel prices and reduce the demand for foreign currency by exchanging gold for petroleum imports. The BoG’s annual financial statement for 2023 provides a breakdown of the expenditure, indicating a cash balance of GH¢520 million, dore gold holdings valued at GH¢410 million, GH¢1.72 billion in outstanding oil stock value, and GH¢460 million in receivables from oil proceeds.
Notably, the BoG also incurred GH¢680 million in unpaid costs for gold purchases throughout the year, highlighting the scale of the bank’s commitment to sustaining this program. The Gold for Oil initiative is part of the broader Domestic Gold Purchase Program (DGPP), which the BoG leverages to finance the importation of essential petroleum products. This arrangement aims to mitigate the foreign exchange pressures that frequently affect the country’s economy and to secure petroleum at more competitive rates.
Launched in December 2022, the G4O program was a response to the escalating costs of petroleum products observed throughout the year. From January to December 2022, the price of petroleum per liter skyrocketed from GH¢6.90 to GH¢22.8. By utilizing domestically sourced gold to finance petroleum imports, the program intended to provide a buffer against such volatility and to ensure more affordable fuel prices for Ghanaian consumers.
The operational mechanism of the G4O is structured around the acquisition of dore gold from licensed small-scale miners, including community mines managed through the Precious Minerals Marketing Company (PMMC). The BoG purchases this gold and uses it either directly in barter transactions with petroleum suppliers or sells it to generate foreign exchange for purchasing petroleum products. This approach not only supports the national economy by keeping gold transactions within the country but also aims at stabilizing the local currency.
To enhance the transparency and efficiency of the G4O operations, the BoG has taken several auditing measures. The bank has meticulously reviewed all contractual agreements with stakeholders involved in the G4O program. It has sought confirmations for all outstanding receivables and payables, ensuring that all financial transactions are accurately documented and reconciled. Additionally, the bank has engaged a collateral management company to verify the values of the oil stock, basing stock prices on prevailing industry rates.
The bank’s report also detailed the internal controls and valuation assessments conducted to maintain the integrity of the financial reporting. Each category of balances within the G4O main account, as well as related exposures, was reconciled to ensure proper valuation and allocation. The BoG also assessed related financial exposures for any potential impairment and verified all direct and indirect expenses associated with the program’s operations.
The Bank of Ghana (BoG) aims to achieve its objectives of boosting national reserves, supporting the stability of the foreign exchange market, and contributing to the disinflation process through rigorous fiscal and operational measures. The Gold for Oil (G4O) program demonstrates innovative financial strategies that national banks can employ to address economic challenges, particularly in crucial sectors like energy.
As Ghana continues to navigate the complexities of global oil markets and its own economic needs, the Gold for Oil program represents a critical component of the nation’s strategy to maintain fuel affordability and economic stability. This approach not only demonstrates fiscal prudence but also highlights the potential for resource-based economies to leverage their natural assets for broader economic benefits.
Source: My Joy Online
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