Why is Bawumia lying about Gold-for-Oil being the reason for fuel reduction? - Beatrice Annan asks

Beatrice Annan, a member of the communication team of the National Democratic Congress (NDC), has accused the Vice President, Dr Mahamudu Bawumia, of lying to Ghanaians about his claim that the Gold-for-Oil policy, he is championing, is the reason for the reduction in the price of fuel products in Ghana.

According to her, the amount of oil that is brought into the country under the policy is insignificant and will not affect the price of oil products.

Speaking in an interview on TV3, on Thursday, which GhanaWeb monitored, lawyer Annan added that oil prices are going down because world market prices are going down.

“If somebody tells you that in the space of 5 months, I have brought you Gold-for-Oil that can not even supply you for a month but some way somehow that is what is accounting for the reduction then even if you are not an industry player you know from the word go that he lied.

“Because in January world oil price was $87 per barrel, in February it reduced to $86, as at now it is $74.47. And so fuel prices at the international market are reducing.

“It is the reason fuel prices are reducing, not because of Gold-for-Oil. And for God's sake we have to be truthful to the people of Ghana,” she said.

The Head of Ghana’s Economic Management Team, Dr Mahamudu Bawumia on Wednesday, March 15, 2023, took a swipe at critics of the government’s Gold-for-oil policy.

Touting the success of the policy which is currently in its third month of implementation, the vice president said the country will witness more benefits from the policy which ultimately will help stabilise the exchange rate as well as prices of fuel.

“We have to understand, the prices of fuel will go up and will come down. But what we expect to see under the Gold-For-Oil Policy is more stability in the pricing and also savings in foreign exchange. There is more to come, this is the third month of the operation of the policy.

"Some people said it will not work; Ghana does not have enough gold. How can you say that? We’ve been mining this gold for 200 years; they keep taking it out and it cannot work for us? It doesn’t make sense,” he said.

"There are people who are very disappointed that it is working but bleeding is allowed. We have an impossibility mindset. They can keep to it, for us all things are possible by the grace of God," Dr Bawumia added.

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