Kennedy Agyapong, a prospective flagbearer for the ruling New Patriotic Party (NPP), has denounced the administration’s Gold-for-Oil policy.
Kennedy Agyapong advanced the idea that the government should work toward refining the mineral and increasing its value before selling it rather than selling the raw gold.
He thinks that the money collected from selling the finished gold products will be more than enough to pay for the oil and support the expansion of the economy.
This assertion was made by the representative for Assin Central during an interview on Sompa FM that GhanaWeb listened to.
Ken Agyapong commented on the gold-for-oil policy and said,“Does it make sense to you to buy oil with gold? Why don’t you sell your gold, make the money and go and buy the oil?”
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Additionally, the legislator expressed his dissatisfaction with party members who uphold and defend the policy.
Adding that although he did not attend school, there are easy ways for the government to buy oil.
“I didn’t go to school but I know Economics. There are simple things that we can do. And I’m surprised, we say we have the men and we are hailing this? We are hailing gold for oil? Jesus Christ! We need to move, move,” he said.
Watch the video below;
Whoever hails Gold for oil is not intelligent.- Kennedy Agyapong pic.twitter.com/MhH2q1jgPb
— With All Due Respect (@cdzas) March 12, 2023
Ghana’s economy has undoubtedly had a difficult start to 2023, with many economic indicators falling to previously unheard-of lows.
In November 2022, Vice President Mahamudu Bawumia first revealed the government’s intention to launch the Gold-for-Oil policy.
The agreement depended on using Ghanaian gold instead of US dollars to pay for oil products.
On Facebook, Dr. Bawumia argued that using gold to purchase oil would help Ghana’s depleting foreign reserves while also lowering the demand for US dollars from oil importers.
