JOHN MAHAMA’S GOLDBOD OUTSHINES BAWUMIA’S GOLD FOR OIL
Let’s be clear : The Gold for Oil policy was at best to ensure that Ghana could provide bankable assets for use as security for the cost of purchasing oil on the international market. Like the hedging policies of the 1990’s it had a very limited objective. That is to deal with the effect of international oil pricing on our currency. It was thought that since a lot of foreign exchange was required to purchase oil thus preventing foreign exchange reserve build up, using Gold which had a a stable price average could reduce the presures on our reseves.
On the contrary what the GoldBod has done is to harmonise the revenue streams from the mining and trade in Gold to increase foreign revenue, block and reduce smuggling as well as providing the secondary benefit of price stabilization. Needless to say that the Gold for Oill rather increased corruption with the supply of the oil and gold put in the hands of one or two oligarchs.
Till date we are yet to see a statement of accounts of the amount of gold sold for the oil. Can Dr. Bawumia tell us?
It is interesting to note however that after reducing the Gold for oil policy into a job for the big boys policy and seeing the huge success of the consolidation and centralisation of the whole gold market in the country by the establishment of the Goldbod, the NPP are now looking to intellectualize a policy they corrupted.
The fact remains that the Gold for Oil policy was not a success. The exchange rate was very high and kept escalating despite it. On the contrary the Goldbod has seen an unprecedented reduction in the exchange rate from a high of 16 cedis to the Dollar to a little above 12 cedis to the dollar . The Finance Minister has put the achievement at a 16% appreciation in the value of the cedi and that is impressive.
Ghanaians have seen the difference between an honest government and one that is uncaring, corrupt and incompetent.
Ghanaians have seen the difference between a competent president and a hopeless leader.
Ghanaians have now seen the difference between serious and positive leadership and self centered politicians.
Ghanaians have now seen a clear difference between an experienced driver and one who cried to be given the steer of our economic development for a test drive. Long live JM, Long live the GoldBod
blogpay
Total Comments: 0