During his State of the Nation Address in Parliament on Wednesday, President Nana Addo Dankwa Akufo-Addo expressed his satisfaction with the progress made by the Gold for Oil Policy, which aims to boost the economy. According to the President, the policy has already started yielding positive results.
The President stated that the policy will help in conserving foreign exchange, particularly the US dollar, and stabilizing the prices of petroleum products such as petrol and diesel in the local market. He further noted that the prices of petroleum products and the US dollar have decreased since the announcement and implementation of the policy.
President Akufo-Addo highlighted that petrol prices have reduced from GH¢20 to GH¢13.80 per liter, and diesel prices have dropped from GH¢23.70 to GH¢13.80 per liter. He expressed his hope that the trend of falling fuel prices will reflect in the daily lives of Ghanaians soon, as transport fares affect the price of everything.
The President also indicated his desire for prices to regularly go up and come down, as demonstrated by the fuel prices, as opposed to the usual trend of only increasing in the country, especially for petroleum products.
The Gold for Oil Policy was introduced by the government to ease the pressure on the cedi and provide cheaper fuel. Currently, about 100,000 metric tons of fuel have been imported under this policy.
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