During the commissioning of a new head office for the Bulk Oil Storage and Transportation Company (BOST) in Accra, Vice President Dr. Mahamadu Bawumia highlighted the significance of the Gold-for-Oil policy as a game changer that will bring down fuel prices in Ghana. He announced that the policy is making progress towards its goal of reducing fuel prices and easing pressure on the country’s forex reserve, leading to further reduction in fuel prices at the pumps starting March 16, 2023. Dr. Bawumia expressed his contentment with the policy, emphasizing that it is the most crucial macroeconomic policy intervention to tackle the exchange rate depreciation, fuel prices, food prices, and inflation nexus, and the first of its kind in Ghana since independence
Dr. Mahamadu Bawumia highlighted that the Gold-for-Oil policy has led to a significant decrease in fuel prices from ¢23 per liter to approximately ¢12 per liter, along with stability in the exchange rate as predicted. He expressed gratitude to various entities, including the Ministry of Energy, BOST, NPA, Bank of Ghana, Ministry of Lands and Natural Resources, and PMMC, for their efforts in addressing the challenges of rapidly increasing fuel, transportation, and food prices and the depreciation of the country’s currency
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