The government will, by the end of this year, import oil one hundred percent under the Gold-for-Oil policy, Vice President Dr Mahamudu Bawumia has said.
Currently, the government is doing about 50 to 60 percent import of oil under the policy, he said.
Speaking at a forum organized by the Bulk Oil Storage and Transformation (BOST) company in Accra, on Wednesday, March 15, Dr Bawumia said: “The most important aspect of the gold-for-oil policy is not just the reduction in fuel prices, but the most important aspect is the savings in foreign exchange that the Bank of Ghana will make as a result of the lower demand for forex to import oil. That saving is huge. We are currently importing about 50 to 60 percent of oil under this policy, the goal is to move to 100 percent and that will be done this year.”
He added “We have to understand that prices of fuel will go up and will come down but what we expect to see under the Gold-for-Oil policy is more stability in the pricing and also savings in foreign exchange.
“There is more to come, this is the third month of operation of the policy, some people said it will not work, and Ghana doesn’t have enough gold. How can you say that? We have been mining this gold for 200 years, and they keep taking it out and it cannot work for us?
“It doesn’t make sense. There are people who are very disappointed that it is working but bleeding is allowed. We have an impossibility mindset, and they can keep to it, for us all things are possible by the grace of God.”
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