Dr. Mahamudu Bawumia, flagbearer of the New Patriotic Party (NPP), has lauded the Gold4Oil programme as a critical initiative that played a vital role in averting an economic collapse.
He stressed that the success of the programme was essential in stabilizing the economy during challenging times.
During a media engagement on Sunday, August 25, Dr. Bawumia emphasized that without the implementation of the gold purchase and Gold4Oil programmes, the country’s economy would have faced severe difficulties.
Supporting this view, Dr. Edwin Alfred Provencal, Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), recently highlighted the effectiveness of the Gold for Oil policy in preventing potential fuel shortages, similar to those currently impacting Nigeria.
He asserted that the programme has been instrumental in ensuring a stable fuel supply since its inception, despite initial scepticism from some industry analysts who questioned its viability.
Dr. Provencal also pointed out the programme’s positive impact on economic growth, underscoring its importance in maintaining the country’s fuel supply stability.
The Gold for Oil Programme officially commenced on January 15, 2023, with the arrival of the first shipment of approximately 40,000 metric tonnes of diesel, valued at $40 million.
The primary objective of the programme is to utilize additional foreign exchange resources from the Bank of Ghana’s Domestic Gold Purchase (DGP) programme to fund the importation of petroleum products, which currently costs the country around US$350 million per month.
