Vice President, Dr. Mahamadu Bawumia, has assured Ghanaians that fuel prices will go down further in the coming weeks and months.
According to the Veep the Gold-for-Oil policy is a game changer that will push fuel prices down.
He noted that Ghanaians will enjoy a downward trend in the prices of petroleum products from tomorrow, March 16, 2023.
He made the pronouncement at the Commissioning of a new head office for the Bulk Oil Storage and Transportation Company (BOST) in Accra.
Dr. Bawumia said the policy is on course to achieve its overall objective of reducing the prices of fuel and easing the pressure on the country’s forex reserve.
“I am happy to note that the Gold-for-Oil policy is the first policy of its kind in Ghana since independence to address this type of balance of payment crisis that we face. In my humble opinion, this is the most important macroeconomic policy intervention to deal with the exchange rate depreciation, fuel prices, food prices, and inflation nexus that we have had”.
“As a result of the policy, we have not only seen a decline in the price from ¢23 per liter to around ¢12 per liter.We have also seen stability in the exchange rate as we predicted”, he explained.
Dr. Bawumia also opined that the government’s innovative policy of purchasing oil with gold known as Gold-for-Oil policy has helped stabilised the exchanged rate as it predicted.
He said the gold-for-oil policy is the most important macroeconomic policy intervention to deal with the exchange rate depreciation, fuel prices, food prices, and inflation nexus that the country has had.
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