Deputy Energy Minister Andrew Egyapa Mercer has disclosed that the first consignment of the “Gold for Oil” policy was paid with cash.
This comes after several calls for the government to provide details of the recent fuel consignment brought under the policy.
Oil industry players such as the IES and COPEC asked the government to disclose the quantity of gold it exchanged for the 40,000 metric tons of fuel as they raised questions over the viability of the deal.
Others such as the Minority in Parliament also questioned the feasibility of the policy arguing that it won’t affect the current prices at the pumps.
The first consignment which arrived in the country some weeks ago has raised many questions about how feasible the contract is.
In an interview with Citi News Deputy Energy Minister Andrew Egyapa Mercer says the companies they dealt with initially did not have the capacity to exchange gold for oil.
