Gold for oil policy is a game changer to reduce fuel prices – Bawumia insist

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Dr. Mahamadu Bawumia, vice president, has referred to the Gold-for-Oil policy as a game-changer that will lower fuel costs.

He claims that beginning tomorrow, March 16, 2023, the cost of gasoline at the meter will decrease once more.

Dr. Bawumia said 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 overall goal of lowering fuel costs and relieving strain 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”.

“Due to the policy, the price of gasoline has decreased from about 23 cedis per liter to about 12 cedis per liter. As we anticipated, the exchange rate has also remained stable, Dr Bawumia stated.

“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 to the occasion when we faced those crises of rapidly depreciating currency along with rapidly increasing fuel, transportation, and food prices,” he added.


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