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Gold For Oil Policy Serves No Purpose-Former NPP MP



Honorable Kwame Asafo Adjei, a former NPP MP for Nsuta Kwaman Beposo constituency in Ashanti region, has raised concern about the impact of “Gold for Oil” policy as fuel prices keep on soaring.

According to the former legislator, the vice president of the republic of Ghana, Dr. Mahamudu Bawumia, who is the custodian of the policy must come out and explain to Ghanaians why fuel prices keep on increasing as well as the depreciation of the cedis to major trading currencies, after promising Ghanaians of a better economic outcome in terms of fuel prices and stability of the cedi currency if the Gold for Oil policy is introduced.


He continued, by questioning the eligibility of the whole transactions processes, even though, 40,000 metric tons of oil has arrived in Ghana at a value cost  of  USD40 million.



” I believe this initiative is not sustainable, and I have been chided by my  in own colleague former MPs from the beginning of this policy, initiated by the vice president Dr. Mahamudu Bawumia. I am still asking if the policy  have been taken to parliament for parliamentary  approval? And who is the intermediary for such a transaction because in international transactions; it has to go through an intermediary of which Ghanaians do not know of any intermediary so far as we speak,” He said.
“Nobody knows the ounces of gold being taken to the agent in Dubai, who will then convert the Gold into dollars to purchase the fuel; which will be sold to Oil Marketing companies (OMCs) in Ghana  in cedis.And later be converted into gold for another transaction process. This monetary transaction in circles is likely to come back to us at a loss.” He stressed.
Honorable Asafo Adjei, therefore, wants government to provide Ghanaians with the necessary blueprint documentation to serve as guide and explanation.Especially, now that the fuel prices is increasing.


His comments came as fuel prices is projected to be sold at Ghc15 to 17 cedis diesel and LPG Ghc14.” according to IES.

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