The Chamber of Petroleum Consumers (COPEC) has alleged that the current shortage of fuel at some GOIL fuel stations could be blamed on the mode of implementation of the Gold for Oil Policy.
According to the Executive Secretary of COPEC, Duncan Amoah the government’s Gold for Oil Policy has disrupted the market and may be the cause of the shortage.
According to the Executive Secretary of COPEC, Duncan Amoah the government’s Gold for Oil Policy has disrupted the market and may be the cause of the shortage.
The New Patriotic Party’s Gold for Oil programme prime objective is to use additional foreign exchange resources from the Bank of Ghana’s Domestic Gold Purchase(DGP) programme to provide foreign currency for the importation of petroleum products for the country which currently stands at about US$350 million per month.
The move, announced by the Vice President in the midst of the depreciation of the cedi against the US dollar and the rising cost of fuel prices, was also explained as an intervention to help stabilise prices of fuel products, as well as reduce pressure on Ghana’s foreign exchange, as the direct gold barter would be the mode of paying for imported oil instead of depleting the foreign exchange reserve.
Source: Pulseghana
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