The drop in gasoline costs in the nation has not been impacted by the gold for oil program, according to Mr. Paul Ofori, Chief of Research and Training at COPEC.
After the government-predicted decline in gasoline costs, he remarked this.
The government declared its intentions to replace US dollars used to purchase oil goods with gold in November 2022.
The measure, according to vice president Dr. Mahamudu Bawumia, was intended to address declining foreign exchange reserves as well as the demand for dollars from oil importers, both of which were weakening the local cedi and driving up living expenses.
The constant devaluation of our currency will be greatly reduced, according to Dr. Bawumia, and our balance of payments will be profoundly altered.
Moreover, he said that the use of gold would prevent the exchange rate from having a direct impact on gasoline or utility prices since American businesses would no longer use foreign money to purchase oil from other nations.
The price of fuel is anticipated to drop by March, according to COPEC, which announced this on Monday, February 27, 2023.
Ghana is attempting to lower gasoline prices beginning on March 1 because, according to COPEC, the cost of petrol and diesel on the global market has decreased.
As the cedi stabilises, it pushes for the prices to likewise decrease, Mr. Paul Ofori said on Atinka TV's morning programme Ghana Nie with Ama Gyenfa Ofosu Darkwa. Second, it aids in price reduction when the global price declines.
Yet, if we discuss the exchange of gold for oil, the decrease in the cost of gasoline at the pump is not taken into consideration.
The first delivery that arrived was around 40,000 metric tons in weight and included solely diesel; there was no petrol in it, he said. And we consume about 11,500 calories every day. “ And how long will the 40,000 last? We use about 11,500 a day, and you brought 40,000; therefore, when you compare it, it is only about four to five days, and the impact is very minimal, so it will not result in any change at the pumps. As a result, the gold price for oil, in spite of the fact that we were hoping that the consumers at the end of the day would be supportive, will not have any impact.
Mr. Paul Ofori said that those without 45 fuel outlets would not profit from the 40,000 metric tonnes, which were exclusively available to a select few oil marketing businesses.
"We are not opposed to any policy that the government introduces to support the consumer; however, it should be a policy that will inure to the benefit of the consumer and that will inure to the benefits of the country. But when you look at this policy, with all truth, secrecy, or the level of opaqueness, it tells you the policy will not benefit the consumer or bring any profit to the nation to help the consumer," he said.
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