Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr. Edwin Alfred Provencal, has firmly defended the Gold for Oil policy.
In his view, it has been crucial in avoiding potential fuel shortages, similar to those currently experienced in Nigeria.
In an interview on Adom FM’s morning show Dwaso Nsem Wednesday, Dr. Provencal countered sceptic who have called for the policy’s discontinuation.
“Gold for Oil has proven its effectiveness since its inception. Despite the higher prices, fuel availability has been consistent compared to some neighbouring countries. Prices are also lower than what was recorded in November 2022.”
Dr. Provencal revealed the success of the policy.
“Without Gold for Oil, we would have faced serious shortages and fuel prices could have soared to about GH₵30 or GH₵40 per litre. The policy has kept fuel prices. The policy has prevented a situation similar to what happened in Sri Lanka. Market prices have been stabilized because of Gold for Oil” he noted.
While fuel prices remain high, Dr. Provencal expressed hope that it will decrease soon.
The Gold for Oil Programme, which began on January 15, 2023, saw the arrival of the first consignment of about 40,000 metric tonnes of diesel valued at $40 million.
The programme aims to use additional foreign exchange resources from the Bank of Ghana’s Domestic Gold Purchase (DGP) programme to secure foreign currency for importing petroleum products, which currently costs around US$350 million per month.
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Source: Adomonline.com | Dorcas Abedu-Kennedy
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