Gold-for-Oil policy makes no sense – Kennedy Agyapong

A flagbearer hopeful of the governing New Patriotic Party (NPP), Kennedy Agyapong has condemned the government’s Gold-for-Oil policy.

Kennedy Agyapong advanced the viewpoint that instead of selling the raw gold, government should pursue a path of refining the mineral and adding value to the mineral before selling it.

He believes that funds accrued from the finished gold products will be more than enough to purchase the oil and also facilitate the growth of the economy.

The Assin Central’s Member of Parliament made this submission in an interview on Sompa FM.

Giving his thoughts on the gold-for-oil policy, Ken Agyapong said “Does it make sense to you to buy oil with gold? Why don’t you sell your gold, make the money and go and buy the oil?”

The lawmaker also expressed his disappointment in party members who support and defend the policy. Adding that he didn’t go to school but there are simple things the government can do to purchase the oil.

“I didn’t go to school but I know Economics. There are simple things that we can do. And I’m surprised, we say we have the men and we are hailing this? We are hailing gold for oil? Jesus Christ! We need to move, move,” he said.

The beginning of 2023 has undoubtedly been tough economically for Ghana, with many of the country’s economic indicators hitting unprecedented lows.

Vice President Mahamudu Bawumia in November 2022 first announced the government’s plan to undertake the Gold-for-Oil initiative. The deal hinged on buying oil products with Ghana’s gold instead of the US dollar.

Dr. Bawumia explained on Facebook that using gold to buy oil would help Ghana’s dwindling foreign reserves while also reducing demand for US dollars from oil importers.