The deputy Energy Minister, Andrew Egyapa Mercer, has confirmed that the initial consignment of 40,000 tons of oil brought into the country under the Gold-for-oil policy was purchased with cash instead of gold.
His disclosure comes after several calls by Industry experts such as the Institute of Energy Securities and COPEC for 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.
The Minority in Parliament also questioned the feasibility of the policy arguing that it won’t affect the current prices at the pumps.
Speaking to Citi News, Mr. Mercer said the companies they dealt with initially did not have the capacity to exchange gold for oil.
Source:Mybrytfmonline.com/Citi news
