The idea "gold-for-crude" is one that Bawumia says is not included in textbooks.

justified the recently implemented "Gold-for-Crude" program.

He claimed that it is an inventive method of reducing pressure on the local currency relative to the important trading currencies, particularly the Dollar.

On Tuesday, January 17, when defending the program at the University of Ghana's 74th annual new year school, he remarked, "How are we going to transform this whole style of doing business as far as our natural resources were concerned? Consider Ghana, where gold has been mined for more than 200 years; but, after looking at the data, I discovered that the country's entire gold reserves at the end of 2021 were only 8.7 tonnes.

"Despite being one of the top 10 gold-mining nations in the world, we haven't amassed enough gold to increase our reserves.

We took a look at the opposite side of the balance sheet and discovered that we import oil and export gold. About 3 billion dollars are spent on oil imports each year. Therefore, we pose the straightforward question: Why don't we, given the constant pressure to find US Dollars to purchase oil, instead come to an agreement to exchange our gold for oil, sell the oil in Cedis, use the Cedis to purchase more gold, use that gold to purchase oil, and then sell the gold in Cedis? This would eliminate the need to search for the limited foreign exchange to purchase oil, which always results in the currency's depreciation.