Appearing before the Public Accounts Committee (PAC) today was the Bank of Ghana (BoG) under the Ministry of Finance to respond to infractions cited against it in the 2020 Auditor-General’s Report.
Explaining to the members of the Committee, the role of Bank of Ghana in the government’s Gold for Oil project, the Deputy Governor of the Central Bank, Dr. Maxwell Opoku Afari noted that there are two legs of the Gold for Oil deal and Bank of Ghana is deeply involved in the purchasing of Gold.
According to the Deputy Governor, purchasing of gold is not a new thing to the bank, adding that BoG introduced the gold purchase programme as part of building its reserves and the Central Bank is using component of that program to support the Gold for Oil deal.
The Deputy Governor assured the Committee that the gold is being purchased in the local currency (Ghana Cedis) that is convention of the local assets to foreign assets.
He also emphasised that the gold is being purchased at the World Market Price using Bloomberg and Reuters market price to purchase the gold.
Commenting on the sustainability of the gold for oil deal, the Deputy Governor indicated that BoG has purchased enough gold to support the deal.
In relation to the second leg of the deal which involves the transactions, the Deputy Governor pleaded with the Committee to allow him sometime to get details and inform the Committee since the Central Bank is particularly not involve in that aspect of the deal.
The MP for Ningo Prampram, Hon. Samuel George who posed the question was pleased with the responses from the Deputy Governor.
Also appearing before the Committee was the Ministry of Environment, Science and Technology, Ministry of Roads and Highways, Ministry of Local Government and Rural Development and their various agencies who have been cited in the 2020 Auditor-General’s Report.
The Chairman of the Committee, Hon. James Klutse-Avedzi, at the end of the public hearing noted that some few Ministries and their agencies still have pending issues that needs to be responded therefore the Committee would schedule the date for such sittings but until then the Public Accounts Committee has adjourned its sitting sine die.
Source:Mybrytfmonline.com/Kwabena Nyarko Abronoma
