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    Pressures on forex have been eased due to Gold-for-oil – Akufo-Addo

    President Akufo-Addo has emphasized that the government’s gold-for-oil initiative has effectively alleviated pressure on foreign exchange.

    During his recent State of the Nation Address on February 27, he highlighted the positive outcomes of the policy, noting a reduction in fuel prices at gas stations.

    The president acknowledged the success of the Gold for Oil Programme, citing its impact on mitigating forex pressures within the energy sector.

    He explained that the policy enabled companies involved in energy storage, transportation, bulk imports, distribution, and export to negotiate more favorable premiums with suppliers.

    Premiums, which were previously in the range of $180-200 per metric tonne, have now dropped to $70 per metric tonne or even less.

    This reduction in premiums contributed to a stable pricing environment at fuel pumps, with prices ranging between twelve to thirteen cedis per liter throughout the entirety of 2023.

    President Akufo-Addo also mentioned the government’s commitment to addressing challenges that have hindered the full participation of Ghanaians in the oil and gas industry.

    Vice President Mahamudu Bawumia initially introduced the Gold for Oil Programme in 2022 to tackle Ghana’s declining foreign currency reserves and the high demand for dollars by oil importers, which had been affecting the local currency and increasing living costs. President Akufo-Addo acknowledged the necessity of rectifying previous limitations that had led to exclusive employment of foreign nationals in well-paid positions within the oil and gas sector.


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