Ghana News & Trends

Reduction in fuel prices not solely due to gold-for-oil policy, Dr. Theo Acheampong

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Dr. Theo Acheampong who happens to be a renowned Political Risk Analyst in Ghana has refuted the government’s assertion that the recent reduction in fuel prices is solely due to the Gold-for-Oil policy.

According to the Economist with several years of experience, he stated that the prices for gold-for-oil products are higher compared to existing products on the market, and the Bulk Oil Distributing Companies (BDCs) that did not participate in the policy are selling at lower prices.

Dr. Acheampong made these statements in an exclusive interview with the press after Vice President Dr. Mahamudu Bawumia claimed that the reduction in fuel prices was due to the Gold-for-il policy.

During the commissioning of the new head office for the Bulk Oil Storage and Transportation Company in Accra on March 15, Vice President Dr. Mahamudu Bawumia announced that there would be additional reductions in petroleum product prices at the pumps starting from March 16, 2023.

Dr. Bawumia stated that the decrease in fuel prices was attributed to the Gold-for-Oil policy, which has resulted in a significant decline in the price from GH¢24 per liter to around GH¢12.3 per liter. He also mentioned that the policy has contributed to the stability of the exchange rate, which the government had predicted earlier.

However, Dr. Acheampong dismissed these claims and stated that the reduction in fuel prices at the local pumps is not entirely the result of the policy but also due to international pricing and exchange rates. He also asserted that any claim to the contrary is a PR gimmick.


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