Report gold smugglers, get 20% of seized gold – Energy Minister
The government is working on a reward package for persons whose information lead to the arrests of gold smugglers. Under the system, persons who expose gold smugglers will be entitled to 20 per cent of the seized gold. The package is part of a raft of measures the government is considering to sustain the gold for oil policy.
The Minister of Energy, Dr. Matthew Opoku Prempeh, who made this known at an event organized by the Rotary Club of Accra Ring Road Central on Tuesday said the plan , when implemented would control the amount of gold leaving the shores of the country.
Gold for Oil policy
The policy commenced with the arrival of the first consignment of about 40,000 metric tonnes of diesel on January 15, 2023, valued at about $40 million.
The prime objective of the policy is to use additional foreign exchange resources from the Bank of Ghana’s Domestic Gold Purchase (DGP) programme to provide foreign currency for the importation of petroleum products for the country which currently stands at about $350 million per month Payment for oil supply is to be done in two channels: by way of barter trade where gold is exchanged for oil or via broker channel where the gold is converted into cash and paid to the supplier.
Sustenance
Walking the Rotarian’s through the gold for oil policy, Dr. Opoku Prempeh said it is important that efforts are made to check smuggling of gold to sustain the programme.
“We’re saying anybody who gives a tipoff or informs us, and this information leads to the identification and arrest of a gold smuggler, that person will receive a 20 per cent share of the confiscated gold. I believe that soon, people will come forward because currently, nobody makes 20 per cent of this entire gold trade, not even the individual purchasing the gold,” he stated .
Clearing doubts
The minister cleared some doubts and misconceptions about the programme, which has proven to be a major curtailer of galloping fuel prices in the context of industry factors. “As a Ministry we remain committed, together with stakeholders at ensuring that, the programme grows from strength to strength, in line with one of our key objective of ensuring the availability and realistic pricing of petroleum products with emphasis on cushioning Ghanaians,” he said.
Formal policy
Dr. Opoku Prempeh said steps are being taken to formalize the proposal as a national policy .
