An aspiring presidential candidate in the New Patriotic Party (NPP), Francis Kwadwo Nsafoa Poku, says the Bank of Ghana is bound to incur losses if it continues to roll out the Gold for Oil policy.
The energy expert who made the remarks while addressing the media after he picked up his nomination forms to contest the presidential race said the policy’s implementation was ill-informed.
“The Gold for Oil Policy was a short-term measure. For some of us, the way the proponents of the policy talked about it, we said it wasn’t possible and it is not possible. You cannot take your gold and go and collect oil from somebody. The right way is to sell your gold to somebody, take that foreign exchange, and go and buy the oil from somebody else, that is the right way.”
He told the media that he wrote a letter to the Bank of Ghana asking for clarity on the policy but the response he had was not satisfactory.
“We don’t want the Bank of Ghana to continue with this policy because indebtedness will occur if we should continue with this policy because there is always debt and losses in the oil trade. I wrote a letter to the Bank of Ghana under the Right to Information, and they replied saying that they will be able to adjust because when something goes down or comes up, they will average it, but I don’t believe that.”