Hassan Tampuli, the former Deputy Minister for Transport and current Member of Parliament for Gushegu, has commended the Gold-for-Oil policy introduced by the previous Nana Akufo-Addo administration for its significant role in stabilizing fuel prices in Ghana. Speaking in Parliament during the debate on the 2025 budget on March 19, he asserted that the policy played a crucial role in reducing the financial burden on consumers. Before its introduction in 2022, fuel prices had surged to an alarming GH¢23 per liter, making transportation and daily expenses difficult for Ghanaians. However, with the intervention of the Gold-for-Oil programme, prices have significantly dropped, with current petroleum product prices ranging between GH¢13 and GH¢14 per liter, depending on the type of fuel purchased.
Tampuli emphasized that without this policy, the cost of petroleum products might have continued to rise, worsening economic conditions for the public. He highlighted that the initiative ensured a more stable supply of fuel, preventing erratic price fluctuations that were previously a major concern. By leveraging Ghana’s gold reserves to secure oil at more favorable terms, the program effectively shielded consumers from drastic global oil price shocks. He urged the current administration, led by the National Democratic Congress (NDC), to recognize the policy’s effectiveness and refrain from discontinuing it. According to him, the program has provided a sustainable solution to fuel price instability and should be maintained to prevent a return to the previous economic difficulties faced by Ghanaians.
Furthermore, Tampuli called on policymakers to give credit where it is due, acknowledging the efforts of the former government in implementing an initiative that continues to benefit the country. He noted that had the policy not been in place, fuel prices could have escalated to as high as GH₵30 or GH₵40 per liter, significantly affecting businesses and individuals alike. He encouraged collaboration between the government and industry stakeholders to explore additional measures that would enhance economic stability. As discussions around Ghana’s fuel pricing mechanisms continue, it remains to be seen whether the current government will maintain the Gold-for-Oil policy or introduce new strategies to manage petroleum costs effectively.
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