The Gold-for-Oil proposal, according to Vice President Dr. Mahamadu Bawumia, is a game-changer that would lower fuel prices.
Dr. Bawumia remarked during the opening of the Bulk Oil Storage and Transportation Company’s (BOST) new Accra headquarters that the policy is on track to accomplish its ultimate goal of lowering fuel prices and relieving pressure on the nation’s foreign exchange reserves.
“I am happy to note that the Gold-for-Oil policy is the first policy of its kind in Ghana since independence to address this type of balance of payment crisis that we face. In my humble opinion, this is the most important macroeconomic policy intervention to deal with the exchange rate depreciation, fuel prices, food prices, and inflation nexus that we have had.
“As a result of the policy, we have not only seen a decline in the price from ¢23 per litre to around ¢12 per litre. We have also seen stability in the exchange rate as we predicted,” he clarified.
He added that, “I say all thanks should go to the Ministry of Energy, to BOST, to NPA, the Bank of Ghana, the Ministry of Lands and Natural Resources and the PMMC who rose up to the occasion when we faced those crises of rapidly depreciating currency along with rapidly increasing fuel, transportation, and food prices.”