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.
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“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.
