Energy expert, Benjamin Nsiah, has affirmed that prices of oil in the country wouldn’t be at a lesser cost following the commencement of the gold-for-oil policy.
Ghana on January 15, 2023, took delivery of 40,000 metric tons of the first consignment under the policy from the United Arab Emirates.
The move by the government is meant to tackle dwindling foreign currency reserves coupled with the demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.
Speaking in an interview with Samuel Eshun on the Happy Morning Show, Mr. Nsiah believes, “gold for oil doesn’t mean that we are going to get cheaper oil,” however, “what gold for oil can do is that it would make our cedi stabilize a little against the dollar” he said.
“But for us to get cheaper products comparatively, I don’t think so because if BOST bring the product and sells it in cedis to BDC it would benchmark the product on the international market price of the product in dollars” he expounded.
40,000 metric tons of oil from the United Arab Emirates arrived at the Tema port on Sunday, January 15, 2023, according to the Ministry of Lands and Natural Resources.
The Energy Ministry, the Bulk Oil Storage and Transportation and Oil Marketing Companies are to formulate plans for its distribution and sale.
This according to the Lands Ministry will help reduce fuel prices in the country.
By: Miriam Akuetteh
