New Patriotic Party’s (NPP) flagbearer, Dr. Mahamudu Bawumia, has lauded the Gold for Oil programme, calling it a game-changing initiative that averted a potential economic crisis.
He stressed that the programme’s effective implementation was instrumental in safeguarding the nation from financial ruin.
During a media engagement on Sunday, August 25, the NPP’s flagbearer said, “Without the gold purchase programme and the gold for oil programme, this economy would have collapsed.”
In an interview with Citi Business News, Dr. Edwin Alfred Provencal, Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), firmly stated that the Gold for Oil initiative has been pivotal in averting potential fuel shortages, akin to the crisis currently unfolding in Nigeria.
Dr. Provencal defended the programme against critics, arguing that its success since launch disproves the doubts of industry skeptics who have suggested its termination.
He emphasized that the initiative has not only stabilized Ghana’s fuel supply but has also played a significant role in bolstering economic growth.
Launched on January 15, 2023, the Gold for Oil Programme commenced with the arrival of its first shipment, consisting of 40,000 metric tonnes of diesel worth $40 million.
The programme’s core objective is to leverage foreign exchange resources from the Bank of Ghana’s Domestic Gold Purchase (DGP) initiative to secure the foreign currency needed to import petroleum products, a cost that currently amounts to approximately $350 million monthly.