He noted that Ghanaians will enjoy the downward trend in the price of petroleum products from tomorrow, March 16, 2023.
He made the statement at the Commissioning of the new headquarters for the Bulk Oil Storage and Transportation Company (BOST) in Accra.
Dr. Bawumia said that the policy is supposed to achieve the overall goal of reducing fuel prices and reducing pressure on the country’s foreign exchange reserves.
“I am happy to note that the Gold-for-Oil policy is the first policy in Ghana since independence to address the balance of payments crisis we are facing. In my opinion, this is the most important macroeconomic policy intervention to address the depreciation of the exchange rate, fuel prices, food prices, and the inflationary relationship we have experienced.
“As a result of the policy, we have not only seen the price drop from ¢23 per liter to around ¢12 per litre. We have also seen the stability of the exchange rate as predicted“, he explained.
Dr. Bawumia also said that the government’s innovative policy of buying oil with gold known as the Gold-for-Oil policy has helped stabilize the exchange rate as predicted.
He said that the gold-for-oil policy is the most important macroeconomic policy intervention to deal with the exchange rate depreciation, fuel prices, food prices, and the inflationary relationship that the country has.