The opposition National Democratic Congress (NDC) has assured players in the country’s downstream petroleum industry that it will cancel the Gold-For-Oil Programme (G4O) introduced by the Akufo-Addo administration if it wins the December 7 polls.
Spokespersons for NDC’s manifesto on energy, Hon. Emmanuel Armah- Kofi Buah and Hon. John Abdulai Jinapor said this at the Energy Policy Town Hall engagement organised by the Chamber of Bulk Oil Distributors (CBOD) on Wednesday, October 16, in Accra, the capital of Ghana.
According to them, the government claimed at the time that the policy would help to stem the depreciation of the local currency, cedi, against the dollar and also stem rising fuel prices.
The duo said the programme has been a failure since fuel prices are still higher and the cedi continues to depreciate against its major trading forex, the US dollar.
“They said about Gold -For-Oil is that it’s going to bring about stability of the prices and arrest the falling of the Cedi. The Cedi has since been falling and fuel prices are going up, Jinapor said.
“The key benchmarks for Gulf Oil has been a complete failure,” he concluded
Source: https://energynewsafrica.com