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M&C Group Global Chair: Gold for oil policy is good but…

M&C Group Global new edifice

The President and Chairman of M&C Group Global, Michael Bartlett-Vanderpuye, is wondering   how the government will be able to achieve its aim of using gold to settle for oil, when there is no gold company owned and run by the state.

Although he praised the gold for oil policy as laudable in addressing the current economic challenges, he doubts its feasibility, saying the policy “is workable only if we have our mine.”

He said this while engaging the media to mark the company’s 15 years in operation, as well as a launch of their new office in Accra yesterday.

The M&C Group Global further warned that the decision by the Central Bank to compel gold trading companies to sell 20 per cent of the mineral resource to it in support of the cedi, might result in legal action.

He explained that most companies had signed agreements with other entities; hence the policy might strain them from reaching their contractual obligations.

Per his observation, the policy is a bit late in arrival, hence it is going to create a lot of problems for the country.

As part of efforts to clean the mess being created by gold mining activities in the country and ensure sustainable environment, he suggested that the sustainability fees on each gold that is exported from the jurisdiction should be increased.

He added that any company that is not willing to pay the required charges must have its consignments impounded.

Talking about the progress of his company, he said it has so far provided 2000 direct and indirect jobs across the globe. The Group Chairman added that for the past five years, the company has expanded its operations to the United Arab Emirates (UAE), China, South Africa, and the United States of America (USA).

Mr. Bartlett-Vanderpuye stated that it was important for people in this country to practise entrepreneurship, which would help create new job opportunities for the teeming unemployed youth to accelerate economic growth and development.

“I have been saying always that when it comes to entrepreneurship, l believe that every individual has elements of entrepreneurship, but it depends when he/she decides to tap into it.

“Let us imagine, some people may say that, l wasn’t born to be an entrepreneur, but you can work in public service for so many years, 60 years after you go on retirement. Then you start doing private consultancy, what is it, it is pure entrepreneurship you have started.

“So someone who started entrepreneurship when he was 20 years of age, and you started entrepreneurship at the age of 60 years, the person who started at the age of 20 years has more experience than you.

“So it depends when you start it. And an entrepreneur doesn’t look for excuses; entrepreneur looks for good solutions in the mess of business crisis,” he advised.

Mr. Bartlett-Vanderpuye pointed out that it was high time the private successful business personalities or leaders endeavoured to support the central government to develop the country.

“And the government has to explore measures to also help the private sector business leaders by way of providing a conducive environment for them to develop.

“For me, it is good that we have been recognised to be awarded in the fifth edition of the Ghana Most Respected Chief Executive Officers (CEOs) 2022 awards, and we are thankful to the Business Executive Media Group and its partners for the award.”


“The award given to me means that there are a lot of work ahead of me to do to support others, particularly to ensure that vulnerable persons also grow. The more you have been recognised, the more works are expected from you,” Mr. Bartlett-Vanderpuye noted.

However, he said some of the challenges confronting entrepreneurs in Ghana today are finance and qualified human resource.


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