The government is re­viewing the Gold for Oil Policy to help serve the needs of players in the down­stream petroleum sector and promote transparency to the im­plementation of the programme, the Minister of Energy, John Abdulai Jinapor, has said.

Mr John Abdulai Jinapor (middle) with members of CBOD after the stakeholders meeting Photo: Ebo Gorman

He said the NDC in its man­ifesto for the 2024 general elec­tion pledged to review the Gold for Oil Policy and had started the process of reviewing it.

Mr Jinapor disclosed this in  Accra yesterday when he met players in the downstream petro­leum sector.

They are the Ghana Cham­ber of Bulk Oil Distributors (CBOD), Chamber of Oil Mar­keting Company Communica­tions, Transport Owners Union and Tanker Drivers Union.

The objective of the meeting was to listen to the concerns of the players in the downstream petroleum sector for redress.

Mr Jinapor indicated that the Ministry of Finance had started the process to review the gold aspect of the Gold for Oil Policy through the establishment of the Ghana Gold Board.

The previous government in­troduced the Gold for Oil Policy, to stabilise Ghana’s economy by leveraging the country’s gold re­serves to purchase oil, reduce the pressure on the local currency and bring stability in the prices of fuel.

He said the government would work with the players in the sec­tor to address the challenges fac­ing the downstream petroleum sector, saying “In this sector you cannot claim to know all and we will work with you to address the challenges of the sector.”

“We want to review the entire downstream petroleum sector to bring it to scratch to be in con­formity with modern trends,” he said adding “We will do a major review of the sector.”

To this end, Mr Jinapor said President John Dramani Mahama, would have a session with the downstream petroleum sector every two or three months to listen to their concerns.

One of the major issue the government is addressing in the downstream petroleum sector was the issue of forex.

He said the intention of gov­ernment was to bring transpar­ency on the issue, adding that the President was setting up a committee to help the down­stream petroleum sector.

The Minister said the Tema Oil Refinery was also a key and integral part of what the gov­ernment intended to do and the vision of the government was to get Ghanaian entrepreneurs to lead the process.

In line with the local content policy, Mr Jinapor said priority would be given to Ghanaian entrepreneurs to lead the process in the revamping of the Tema Oil Refinery.

The Chief Executive Officer of CBOD, Dr Patrick Ofori, said the CBOB was ready to support the government’s green transition agenda, adding that his office had started the use of ethanol and renewable energy.

He said ethanol could be a vehicle to drive government’s industrialisation agenda adding that the CBOD had partnered the US Green Board Council in that direction “Our only request is the protection of our invest­ment.”