A communicator of the New Patriotic Party (NPP), Paul Amaning has endorsed vehemently a suggested framework for policy regarding the usage of gold to purchase oil products into Ghana.
According to him, the barter of gold for oil represented a major structural change of the economy.
It is anticipated that the new policy framework will be in use by the end of the first quarter of 2023.
“One of Ghana’s most significant economic policy reforms since independence is the bartering of responsibly mined gold for oil. If we put it into practice as planned, it will fundamentally alter our balance of payments and greatly lessen our country’s ongoing currency devaluation and the resulting rises in the cost of fuel, power, water, transportation, and food,”Paul Amaning exclusively told Kwaku Owusu Adjei(Patoo) on Adwenekasa on Accra-based Original FM 91.9.
“This is because no domestic fuel supplier will need foreign currency to import oil goods, so the exchange rate (spot or forward) won’t be directly factored into the calculation for determining gasoline or utility pricing.”
The cedi has experienced more than 54 per cent depreciation within the last 10 months, thereby negatively affecting the importation of petroleum products and other consumer items like rice, cooking oil, and tomato paste.