The Member of Parliament of Assin Central, Kennedy Agyapong has added his voice to the petroleum products imported under the gold for oil (G4O) program.
He said the gold for oil policy doesn’t make sense to Ghanaians.
In an interview on Kumasi-based Sompa FM, the maverick politician said instead of selling the raw gold, the government should pursue a path of refining the mineral and adding value to the mineral before selling it adding that the funds accrued from the finished gold products will be enough to purchase the oil.
“Does it make sense to you to buy oil with gold? Why don’t you sell your gold, make the money and go and buy the oil?” he asked.
Gold for oil agreement
The policy to buy oil products with gold rather than U.S. dollar reserves is meant to tackle dwindling foreign currency reserves coupled with the demand for dollars by oil importers, which weakens the Ghana cedi and increases living costs.
Vice President Dr. Mahamudu Bawumia said the government is projecting to save about US$3 billion in foreign exchange yearly from the proposed policy which seeks to acquire oil products in exchange for gold.
He explained that the policy which would be implemented in the first quarter of next year could also relieve some inflationary pressure on the cedi.
Kennedy Agyapong speaking on his presidential ambition said many factors will determine who leads the New Patriotic Party (NPP) into the 2024 general elections.
He stated that the delegates of the party will look beyond good grammar and educational titles in determining who will lead the governing party in the next elections.