• Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion
Saturday, 3 June, 2023
  • Login
topfmonline.com
 
  • Home
  • News
  • Politics
  • Business
  • Entertainment
  • Health
  • Lifestyle
  • Sports
  • Education
  • Technology
  • Foreign
No Result
View All Result
topfmonline.com
No Result
View All Result
Home News

Ghana to review Gold-for-Oil as IMF proffers stricter monetary financing limits

Philip Akonor by Philip Akonor
May 25, 2023
in News
A A
0
Ghana to review Gold-for-Oil as IMF proffers stricter monetary financing limits
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

Government will take steps to review gold purchases as well as the Gold-for-Oil program and its associated risk for the Bank of Ghana (BoG).

According to the International Monetary Fund (IMF) 2023 report, there will be an amendment to the BoG Act that will feature a stricter limit for monetary financing, mechanisms to monitor and enforce compliance, and a clear definition of emergency situations under which the limit can be temporarily lifted.

Pending legislative changes, the BoG and the Finance Ministry signed an MoU (prior action) to eliminate monetary financing during the programme.

An ongoing updated Safeguards Assessment will provide additional support for designing changes to the BoG Act, most importantly government’s gold purchase and gold-for-oil programs and associated risks for the BoG.

The BoG’s balance sheet will be affected by the debt restructuring. The Government and the BoG will assess the impact and develop plans for its recapitalization with Fund technical assistance support.

The central bank has indicated that with regard to their involvement in government’s Gold-for-Oil program, they will conduct a thorough analysis of the risks that the BoG is facing under the program and report the findings to the IMF Executive Board.

Also, the Bank of Ghana says it will gradually exit from the Gold For Oil program as the economy stabilizes.

According to the report, government says they introduced the G4O as a temporary scheme to secure adequate fuel supplies at favorable prices.

It says it will ensure that (i) contractual volumes and pricing structure for commodities’ export/import and intermediaries’ margins are transparent, (ii) the scheme is implemented in line with the applicable legal framework, and fiscal risks discussed with the MoF (iii) the Auditor General conducts regular performance audits of the scheme, (iv) Bank of Ghana gold purchases follow best international practice and central bank safeguards standards, and (v) the gold-for-oil framework is in line with IMF Article VIII.

Related Posts

NCA to deactivate and remove active unregistered SIM cards today

SIM card deactivation: Affected persons have the opportunity to re-register – Ken Ashigbey

June 1, 2023
0
Gonja-Mamprusi clash: Security personnel deployed to restore calm

Gonja-Mamprusi clash: Security personnel deployed to restore calm

June 1, 2023
0
Source: myjoyonline
Previous Post

NaCCA orders withdrawal of controversial textbooks on Ghana’s history

Next Post

Running to IMF for bailout was a painful decision – Nana Addo

Related Posts

NCA to deactivate and remove active unregistered SIM cards today
News

SIM card deactivation: Affected persons have the opportunity to re-register – Ken Ashigbey

June 1, 2023
0
Gonja-Mamprusi clash: Security personnel deployed to restore calm
News

Gonja-Mamprusi clash: Security personnel deployed to restore calm

June 1, 2023
0
Ghana Tourism Authority hosts inaugural presidential summit on tourism
News

Ghana Tourism Authority hosts inaugural presidential summit on tourism

June 1, 2023
0
We’ll soon begin ‘Revised Housing Scheme’ to address housing deficit – Asenso-Boakye
News

We’ll soon begin ‘Revised Housing Scheme’ to address housing deficit – Asenso-Boakye

June 1, 2023
0
US Ambassador visits U/E to inaugurate USAID-rehabilitated office for House of Chiefs
News

US Ambassador visits U/E to inaugurate USAID-rehabilitated office for House of Chiefs

May 31, 2023
0
Hajj 2023: Chairman briefs National Chief Imam on preparations
News

Hajj 2023: Chairman briefs National Chief Imam on preparations

May 31, 2023
0
Next Post
Running to IMF for bailout was a painful decision – Nana Addo

Running to IMF for bailout was a painful decision – Nana Addo

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

BROWSE BY CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

BROWSE BY TOPICS

2022 Budget Afghanistan akufo addo Amazon Apiate explosion apple AT&T Black Stars covid COVID-19 COVID 19 E-Levy facebook Fuel Ghana Police Service Google Government health Intel iphone Mahama Majority Microsoft Minority momo NDC news NLC NPP Nvidia OMICRON Parliament police Russia security South Africa Taliban tech Tesla twitter US UTAG vaccine vaccines Xinjiang

Recent Posts

  • SIM card deactivation: Affected persons have the opportunity to re-register – Ken Ashigbey
  • Joe Ghartey picks NPP presidential nomination form
  • Gonja-Mamprusi clash: Security personnel deployed to restore calm
  • Some NDC delegates demand re-run of Ketu North election
  • Gyakye Quayson officially declares intention to contest Assin North by-election

Recent Comments

No comments to show.

RECENT NEWS

  • SIM card deactivation: Affected persons have the opportunity to re-register – Ken Ashigbey June 1, 2023
  • Joe Ghartey picks NPP presidential nomination form June 1, 2023
  • Gonja-Mamprusi clash: Security personnel deployed to restore calm June 1, 2023
  • Some NDC delegates demand re-run of Ketu North election June 1, 2023

MAIN CATEGORIES

  • Business
  • Education
  • Entertainment
  • Foreign
  • Health
  • Lifestyle
  • News
  • Opinion
  • Politics
  • Sports
  • Technology
  • Uncategorized

Entertainment

Ghana lifts COVID-19 restrictions at all entry points
Health

Ghana lifts COVID-19 restrictions at all entry points

2 weeks ago
0
  • ABOUT US
  • CONTACT
  • ADVERTISE

© 2023 Top Media Group - Powered by BackUp Data Systems

No Result
View All Result
  • Home
  • Politics
  • News
  • Business
  • Health
  • Entertainment
  • Sports
  • Lifestyle
  • Education
  • Opinion

© 2023 Top Media Group - Powered by BackUp Data Systems

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In