Gold for oil policy: Fuel prices wont drop – Duncan Amoah

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According to the Chamber of Petroleum Consumers (COPEC), Ghanaians should not believe rumours that the government’s upcoming Gold for Oil Policy will result in lower costs for petroleum goods.

In an interview with, COPEC’s Executive Secretary Duncan Amoah said that even if the anticipated 40,000 tons of distribution do get on the market, there won’t be any price decreases at the individual pumps.

The reporting from your media colleagues is inaccurate. I’m not sure what they want to gain from it.

However, it is their responsibility if they want to embrace gold in instead of oil. The fact is that you haven’t mentioned the price of the product itself.

“So, you probably are unable to determine what and how much you are putting out there on the market. And so, if anybody is saying we say it is going to go down that is just misreporting. We haven’t said it is going to go down. We did the numbers and looked at plus or minus. It might not even affect the market,” Mr. Duncan explained.

He continued: “But again, it can only be fair to the political communicators around the gold for oil who say that the oil is going to be cheaper. So, we say well if they have that magic to make the oil cheaper. We will be happy to see how that turns out.”

However, Ghanaians have been told by the vice president, Dr. Mahamudu Bawumia, that the country’s Gold for Oil policy will lower the price of petrol.

Ghana received its first shipment under the gold for oil program.

By the grace of God, this cargo will test the framework to see if everything that has been put in place will function. If it does, we will be able to save a significant amount of foreign money and relieve pressure on our currency.


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