Bawumiah Assures Ghanaians Cheaper Oil

Ghana’s vice president, Mahamudu Bawumiah, has disclosed that Ghana is set to kick start gold for oil policy. The vice president announced talks about the operationalization of the Gold for Oil policy.

The Government of Ghana is looking for ways to stabilize the Ghanaian economy because the standard of living has become too hard. In a Facebook post, Dr Bawumiah said the first oil products under the policy will be delivered in January 2023.

Ghana became excessively hard between August and November. The exchange rate of foreign currencies against the cedi escalated. The prices of goods and services also skyrocketed beyond reason. As part of measures to sustain the Ghanaian economy, the Gold for Oil policy to cut short the dollar dependency.

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Gold for Oil barter deal provides Ghana with cheaper fuel in exchange for gold. The arrival of the fuel from the United Arab Emirates (UAE) is expected to push prices of fuel further down after the recent reduction.

I am happy to announce that the Government of Ghana has concluded the arrangements for the operationalization of the Gold for Oil policy. Ghana is among the top producers of Gold in the world, therefore, buying oil with Gold will be a better deal.

Consequently, the first oil products under the policy will be delivered next month (January 2023). My thanks to the Minister for Energy, Minister for Lands and Natural Resources, Governor of the Bank of Ghana, the Chamber of Mines, PMMC and BOST for their leadership in the operationalization of the Government’s Gold for Oil Policy. Dr Mohammadu Bawumiah said.

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