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SONA 2023: GOLD-FOR-OIL Policy Is Already Bearing Fruits – President

President Nana Addo Dankwa Akufo-Addo has said the Gold for Oil Policy is already bearing fruits to the benefit of the Ghanaian public.


Speaking on the State of the Nation today in Parliament, the President said, the policies are aimed at achieving two results that are critical to the health of our economy.


“Firstly, they will help us preserve foreign exchange, especially the US dollar, and secondly, they will enable us to stabilise the price of oil products such as petrol and diesel on the domestic market. We have already seen some success on both fronts with the price of US dollars and petroleum products falling since we announced the policy and began to implement it.


“The average price of petrol at the pump, which had risen to twenty (20) cedis a litre, in the middle of December 2022, is now thirteen cedis and eighty pesewas (GH¢13.80) a litre. The price of diesel had risen to more than twenty-three cedis and seventy pesewas (GH¢23.70) a litre and is now selling on the average at thirteen cedis and eighty pesewas (GH¢13.80) a litre, which is a reduction of almost ten cedis a litre. We expect this trend of falling fuel prices to reflect soon in our daily lives, since transport fares affect the price of everything.

“I hope the trend of prices going up and coming down become a regular feature of our retail economy as is being demonstrated in the fuel prices. Because, as we all know, prices, especially of petroleum products, used only to go up in our country”.


Source: Effmen William

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