The Chamber of Bulk Oil Distributors (CBODs) urges the government to create a framework to guide the gold-for-oil program in order to avoid unjust treatment.
A week after the government received the first cargo under the arrangement, certain chamber members have already engaged the Bulk Oil Storage and Transportation Company Limited (BOST) to gain access to the commodity.
Dr. Patrick Kwaku Ofori, CEO of the Chamber, stated that the framework is required to avoid prejudice.
"I assume the first consignment has already been there, some of our members were already trading with BOST. I believe something can be done for people who already have an agreement with the government. Because we are anticipating a prospective or appropriate framework that will govern the entire procedure.
"I know the regulator met to collect our ideas in terms of ensuring that they create a fair playing field so that nobody is genuinely disadvantaged. And the profits from the pricing advantage that can occur as a result of the procedure can also be transmitted to the pumps," Dr. Patrick Kwaku Ofori believes.
Ghana received 40,000 metric tons of the policy's first cargo from the United Arab Emirates on January 15, 2023.
The government's decision is intended to address diminishing foreign currency reserves as well as the demand for dollars by oil importers, which is weakening the local cedi and raising living costs.