Gold For Oil Saved Ghana From Fuel Crisis – Bawumia
Dr. Mahamudu Bawumia Former Vice President and flagbearer of the opposition New Patriotic Party (NPP), Dr. Mahamudu Bawumia, has said the Gold-for-Oil programme, which was designed under the Akufo-Addo Read More... The post Gold For Oil Saved Ghana From Fuel Crisis – Bawumia appeared first on DailyGuide Network .
Former Vice President Mahamudu Bawumia has revealed that Ghana's Gold-For-Oil program, implemented during the Akufo-Addo administration, played a crucial role in averting a severe fuel crisis amid acute foreign exchange shortages. The policy was introduced as an emergency measure to secure petroleum products without relying solely on scarce US dollars during the economic crisis following the COVID-19 pandemic and the Russia-Ukraine war.
Dr. Bawumia explained that Ghana's inability to access international capital markets at the time created significant pressure on the balance of payments and constrained the availability of foreign exchange for essential economic activities. The program allowed Ghana to exchange gold directly for petroleum products, reducing pressure on limited dollar reserves and preventing potential fuel shortages.
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