Flagbearer of the New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has emphasized the critical success of the Gold-for-Oil program, stating that without it, Ghana’s economy could have collapsed.
During a media engagement in Accra over the weekend, Dr. Bawumia highlighted the program’s vital role in stabilizing the nation’s economy and reducing fuel prices.
“The Gold-for-Oil policy has had a significant impact, especially in bringing down the prices of petroleum products at the pumps,” Dr. Bawumia remarked.
He further explained that the initiative has enabled Ghana to purchase $5 billion worth of gold locally, which has been crucial in preventing fuel shortages. “In 2022, we faced a terrible year—petrol prices skyrocketed to 23 cedis per liter, and we were rapidly losing reserves. This led us to develop the Gold-for-Oil program, which has been a game-changer.”
Dr. Bawumia also pointed out that Ghana now enjoys one of the lowest petroleum prices in Africa, ranking 10th on the continent stating that “Today, despite all the challenges, Ghana is among the countries with the lowest petroleum prices in Africa, around 13 to 14 cedis per liter, this is a significant improvement from the 23 cedis per liter we faced in 2022.” he said
Looking to the future, Dr. Bawumia pledged to further institutionalize the Gold-for-Oil program to enhance its effectiveness and ensure its sustainability.
Responding to a question from ATL FM’s Kofi Konadu regarding the consideration of Cape Coast for an airport, Dr. Bawumia confirmed that a feasibility study is underway, explaining that “There is a rationale for this, and the study suggests that the location will likely be between Cape Coast and Takoradi due to land space issues, Tourism and education are key considerations, and this airport could significantly benefit both sectors.”
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