Ghana has taken delivery of the first consignment of the gold for oil deal reached with the United Arab Emirates.

The 40,000 metric tons of oil arrived at the Tema port on Sunday, January 15, 2023, according to the Ministry of Lands and Natural Resources.

The Energy Ministry, the Bulk Oil Storage and Transportation and Oil Marketing Companies are to formulate plans for its distribution and sale.

This according to the Lands Ministry will help reduce fuel prices in the country.

Deputy sector minister, George Mireku Duker last week told Citi News the first consignment will arrive this week.

The Vice President, last year announced plans by government to purchase oil from the UEA with gold to keep the country’s forex.

Though many have kicked against the move and questioned its sustainability, the Lands and Natural Resources Ministry says measures have been put in place to sustain it.