The Managing Director of Bulk Oil Storage Transportation (BOST), Edward Provencal, has noted that the gold-for-oil policy has been able to achieve its intended purpose.

According to him, the policy was intended to help bring down the rising cost of fuel which rose to more than GH¢20 as of December 2022.

In an interaction with GhanaWeb Business’ Mawuli Ahorlumegah, Provencal outlined the benefits that Bulk Oil Distributors have, as a result of the policy.

According to him, before the initiation of the policy, BDCs faced huge forex risks, but that has been eliminated now.

He noted that despite the fact that Ghana has received over 10 cargoes of oil so far from the policy, there is still more work to be done.

Edward Provencal said: “So far since January, we’ve brought in 10 cargoes of petrol and diesel, equivalent to 361,750 metric tonnes or 467,197 million litres. There are three more cargoes waiting to be discharged. It is quite a lot but it’s even less than 50% of the market so there is still some work to be done.

“I disagree with stakeholders who claim that the government in trying to alleviate the suffering of the people is trying to kill their businesses, that is not true. The BDC is made up of 36 BDC, 6 bought from us in January, by March 19 BDCs bought from us, By April, 23 BDCs bought from us. Hitherto the BDCs faced huge forex risks, but today they buy everything in cedis and sell it in cedis, so the forex risk that they used to carry and pass it on to the customer, that forex risk has been eliminated. And the customer is now benefitting from lower prices,” he added.

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