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    OccupyGhana’s Awuah struggles to Defend Gold-For-Oil as Kevin Taylor chases PMMC

    Akwasi Awuah, the Managing Director of the Precious Minerals Marketing Company Ltd PMMC was unable to defend the Gold For Oil Policy struggling to answer straightforward questions.

    The PMMC which is one of the state agencies in charge of the Gold for Oil program has come under scrutiny following allegations of private profiteering from the initiative by US-based vlogger Kevin Taylor.

    Among others, the US-based vlogger claimed that some persons inside PMMC where creaming off Ghs200 per pound of Gold bought and sold under the initiative culminating in millions of windfalls for them — he failed to provide any evidence to back his claims.

    But in an immediate attempt to respond, PMMC Boss, former OccupyGhana activist Akwasi Awuah evaded most of the questions refusing to provide specific answers.

    On Kessben, Akwasi had no answers for the exact prices at which the first consignment was bought while refusing to name the intermediary used for the transaction, contrary to his claims that it was direct.

    Under the Gold for Oil, Ghana’s government is working on a new policy to buy oil products with gold rather than U.S. dollar reserves. The move is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.

    Ghana’s Gross International Reserves stood at around $6.6 billion at the end of September 2022, equating to less than three months of imports cover. That is down from around $9.7 billion at the end of last year, according to the government.


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