Vice President Dr Mahamadu Bawumia has described the Gold-for-Oil policy as a game changer that will push fuel prices down.

According to him, prices of petroleum products will go down once again at the pumps from tomorrow, March 16, 2023.

Commissioning a new head office for the Bulk Oil Storage and Transportation Company (BOST) in Accra, Dr Bawumia said the policy is on course to achieve its overall objective of reducing the prices of fuel and easing the pressure on the country’s forex reserve.

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


SONA 2023: Gold for oil deal bearing fruits – Akufo-Addo

Gold for Oil has nothing to do with fuel prices reduction – IES

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