The Deputy Energy Minister, Andrew Egyapa Mercer, has stated that the government’s Gold for Oil policy does not require parliamentary approval. Speaking on JoyNews’ PM Express Business Edition, he argued that the program falls within the mandates of the Bank of Ghana and therefore does not require the approval of parliament.
Egyapa Mercer also cited the importation of petroleum products by the Bulk Oil Storage and Transportation (BOST) before the commencement of the Gold for Oil program as an example of a similar process that does not require parliamentary approval.
Responding to calls from the Minority side of parliament for the policy to be brought to the house for perusal, the Deputy Energy Minister suggested that such calls were intended to undermine the success of the program.
He also noted that the Minerals Income Investment Fund Act had already been passed by parliament, which empowered the government through the requisite agency to set up a company for the purpose of monetizing Ghana’s royalty. He claimed that the government’s efforts to implement the law by way of the Agyapa transaction had been met with opposition from some quarters.
The Gold for Oil policy, which involves the Bank of Ghana buying gold in-country and exchanging it for petroleum products, has been credited with delivering 41,000 metric tons of oil from the United Arab Emirates to the Bulk Oil Storage and Transportation as at Monday, January 16.
