Consumers of petroleum products can expect further reductions in fuel prices at the pump as a result of the implementation of the government’s Gold for Oil Policy, according to Vice President Dr. Mahamudu Bawumia.
He was speaking at the commissioning of the new head office of the Bulk Oil Storage and Transportation Company Limited, BOST, in Accra.
He said, “I am happy to note that the policy is the first of its kind in Ghana since independence to address the balance of payment crisis that we face.”
”In my humble opinion, it is the most important macro-economic policy intervention to deal with the exchange rate depreciation, fuel price, and food price issues that we have had. We have not only seen a decline in prices of fuel from GH¢23.00 per litre to around GH¢12, but we have also seen stability in the exchange rate.”
Dr. Bawumia also stated that the government will implement measures to address dwindling foreign currency reserves and rising living costs, stating that the policy is the most important macroeconomic policy intervention to address exchange rate and fuel price issues.