he Gold-for-Oil policy, a flagship initiative of the previous NPP administration, continues to be a point of contention in Ghana’s political and economic landscape.
Energy analyst Kwadwo Poku has stated that the current NDC government would likely want to continue the policy to reap its benefits but is hesitant to do so after having heavily criticised it while in opposition.
The Gold-for-Oil policy was launched in late 2022 with the aim of stabilising the cedi and controlling prices at the local pumps by leveraging Ghana’s gold reserves to import petroleum products.
Speaking to 3Business on September 3, Mr. Poku said petroleum imports remain a major strain on Ghana’s economy. He explained that the country needs more than 400 million dollars every month to bring in fuel, putting pressure on the Bank of Ghana to find foreign exchange.
He argued that despite its criticism, the Gold-for-Oil programme offered a practical solution.
“The previous government came up with good solutions. A ruling party now, the NDC, bastardized that idea. As we speak, they wish they can do Gold-for-Oil, but they can’t because they bastardized it,” he stated.
Mr. Poku urged the government to acknowledge its mistakes and reconsider the policy.
“There is nothing wrong with saying I got it wrong and going back to what was done before to get it right,” he said.
According to him, the government’s current handling of the currency is unsustainable and “will come back to bite them.”
