Gold For Oil : Fidelity Bank Account, Tax Waivers & Brokers

There is the need to clarify the erroneous impressions out there regarding the Government of Ghana’s Gold for Oil (G4O) Programme which took off barely less than a month ago.

1. No money has been received in the fidelity bank Account as it is being alleged as far as the G4O Programme is of the essence. The provision of the account details on the document was to satisfy the rules of engagement and not an expectation of any returns of any sort or whatsoever.

2. Mind you, the first consignment docked on 15th January 2023 [ which is even less than 1 month now ], So how possible is it that someone or some persons could have made gains three months retrospectively even before the start of the Programme?

3. The allegation of a Tax waiver granted to Alpha Stream Limited is false! Rather it was the BoG that asked for waivers for its dealings in the G4O Programme.

4. BoG/Central Bank wrote to GRA for the waiver for itself and not for Alpha Stream Limited ; these documents one could easily check/ obtain from GRA.

Models for the Gold for Oil (G4O) Programme:
On the issue of the Models, government has indicated from day one , the options available for the G4O and has never denied the issue of the broker nor that of the Barter.

For the purposes of education, this is what government indicated in its framework for the G4O Programme :

[A] - The Barter Channel:
- For suppliers willing to take gold in direct exchange for petroleum products, BoG will provide equivalent volume of gold. Both the Bank and the International Oil Trading Companies (IOTCs) are required to open Gold Metal Accounts in a mutually agreed gold refinery for the purpose of gold transfer.

- BoG accumulates refined gold in its metal account at a refinery nominated by a supplier to fund petroleum product shipments.

-BoG transfers equivalent amount of gold based on petroleum products supply invoice from its metal account to a supplier’s metal account on receipt of Quality Certificate (QC) of the product supplied and final invoice from Bulk Oil Storage and Transport Company (BOST).

[B ] - The Broker Channel:
- BoG executes a Gold Supply Agreement under which it sells gold to a gold broker, which provides forex cover to pay for petroleum products.

- Gold Broker buys dore gold from BoG and deposits the proceeds in BoG gold holding account.

- BoG transfers funds from gold holding account to an Escrow Account to pay for petroleum product shipment on receipt of QC and final invoice from BOST.

2. The issue of Tax waiver granted to Alpha Stream Limited is false! Rather it was the BoG that asked for waivers for its dealings in the G4O Programme.

3. BoG/Central Bank wrote to GRA for the waiver for itself and not for Alpha Stream Limited ; these documents you can check for them from GRA.

All of this information is public knowledge. The misinformation put out there is very needless and unhealthy for the progress of this country!

The New Managing Director, Lawyer Nana Akwasi Awuah has positively increased the fortunes of the Precious Minerals Marketing Company and deserves commendations and not needless fabrications by naysayers.

For God and Country , Ghana must stand!