Close Menu
    Facebook X (Twitter) Instagram
    Trending
    • Ato Forson Warns SSNIT Board: Do Not Sell State Assets To Politicians
    • GoldBod Kick-starts Anti-Gold Smuggling Taskforce
    • Minority Digs Into Sansa Daly
    • DISCLAIMER: Annoh-Dompreh Not Part of Nsawam Chieftaincy Disputes
    • NEIP CEO Provides Support To June 3 Fire Victim Solomon Akugru
    • Sick Wontumi Suffers Day 7 In Detention
    • Cyber Security Authority Blacklist Over 40 Loan Apps
    • GoldBod Already Doing Wonders – Mahama praises CEO Sammy Gyamfi
    Facebook X (Twitter) Instagram YouTube
    InsightNewsgh.ComInsightNewsgh.Com
    • Home
    • News
    • Business
    • Entertainment
    • Politics
    • Sports
    InsightNewsgh.ComInsightNewsgh.Com
    Home»Politics»Bawumia Hails Gold-for-Oil Policy; Calls It ‘A Game Changer’ After Kennedy Called It ‘Stupid Policy’
    Politics

    Bawumia Hails Gold-for-Oil Policy; Calls It ‘A Game Changer’ After Kennedy Called It ‘Stupid Policy’

    Insight NewsBy Insight NewsMarch 15, 2023No Comments2 Mins Read
    102 MPs Endorse Bawumia Ahead Of NPP Presidential Elections
    102 MPs Endorse Bawumia Ahead Of NPP Presidential Elections
    Share
    Facebook Twitter LinkedIn Pinterest Email

    Dr. Mahamadu Bawumia, vice president, has assured Ghanaians that fuel prices will decrease even more over the next few weeks and months.

    The Gold-for-Oil policy, in the Veep’s opinion, is a game-changer that will lower fuel prices.

    From tomorrow, March 16, 2023, Ghanaians will benefit from a trend in petroleum product prices that is on the decline.

    He made the proclamation at the opening of the Bulk Oil Storage and Transportation Company (BOST)’s new headquarters in Accra.

    According to Dr. Bawumia, the policy is on track to accomplish its overarching goal of lowering fuel prices and relieving pressure on the nation’s foreign exchange reserve.

    READ ALSO: Whoever Hails Gold For Oil Is Not Intelligent – Kennedy Agyapong

    “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 liter to around ¢12 per liter.We have also seen stability in the exchange rate as we predicted”, he explained.

    Dr. Bawumia also expressed his opinion that the government’s novel Gold-for-Oil policy, which allowed for the purchase of oil in exchange for gold, has contributed to the predicted stabilization of the exchange rate.

    In order to address the country’s history of inflation, fuel price increases, food price increases, and exchange rate depreciation, he claimed that the gold-for-oil policy is the most crucial macroeconomic policy intervention.

    Dr Mahamudu Bawumia Gold-for-Oil Policy
    Share. Facebook Twitter Pinterest LinkedIn WhatsApp Reddit Tumblr Email
    Insight News
    • Website

    INSIGHTNEWSGH seeks to give readers balanced, credible and neutral news from across Ghana and the world. We cover News, Politics, Business, Entertainment, Sports, among others.

    Related Posts

    Ade Coker Is Dead

    June 2, 2025

    NDC Has Put Ghana On Autopilot – Patricia Appiagyei

    May 28, 2025

    Minority On Fire …Firms Up Strategy for Parliament

    May 26, 2025

    Comments are closed.

    ADVERTISEMENT
    Health Tips
    LATEST STORIES

    Ato Forson Warns SSNIT Board: Do Not Sell State Assets To Politicians

    June 4, 2025

    GoldBod Kick-starts Anti-Gold Smuggling Taskforce

    June 4, 2025

    Minority Digs Into Sansa Daly

    June 4, 2025

    DISCLAIMER: Annoh-Dompreh Not Part of Nsawam Chieftaincy Disputes

    June 4, 2025

    NEIP CEO Provides Support To June 3 Fire Victim Solomon Akugru

    June 4, 2025
    POPULAR

    Ato Forson Warns SSNIT Board: Do Not Sell State Assets To Politicians

    June 4, 2025

    GoldBod Kick-starts Anti-Gold Smuggling Taskforce

    June 4, 2025

    Minority Digs Into Sansa Daly

    June 4, 2025

    DISCLAIMER: Annoh-Dompreh Not Part of Nsawam Chieftaincy Disputes

    June 4, 2025

    NEIP CEO Provides Support To June 3 Fire Victim Solomon Akugru

    June 4, 2025
    Facebook X (Twitter) Instagram Pinterest
    • About Us
    • Contact Us
    • Privacy Policy
    • Terms & Conditions
    • Disclaimer
    • Buy Adspace
    • Buy Adspace
    • Hide Ads for Premium Members
    © 2025 Insight News GH.

    Type above and press Enter to search. Press Esc to cancel.