The Gold for Oil (Gold4oil) policy was announced somewhere in November 2022 when the international crude price was about $97.92 per barrel.
From available records, Ghanas’ total fuel consumption averages about 350,000mt per month.
From November to date, the G4oil has delivered only 115,000mt as against the estimated total consumption of 1,400,000mt, representing a paltry 8.2% of total consumption within the period under consideration.
Meanwhile, world market prices for petroleum products have since declined from about $97 per barrel in November to about $72 per barrel as of 14th March 2023. Indeed Brent Crude today is about $71.24 per barrel.
Therefore, the assertion by Dr. Bawumiah that G4oil is responsible for the significant drop of fuel oil price at the pumps can only be an exaggerated untruth.
The facts as presented do not support the logic and conclusion of Dr. Bawumiah in any way.
