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The Member of Parliament for Yapei-Kusawgu, John Abdulai Jinapor, has said the government\u2019s gold for oil policy is a fraudulent operation.<\/p>\n
He added that even when the government was cautioned against the programme, they did not pay heed to the warnings.<\/p>\n
The MP, made these comments after the Bank of Ghana (BoG) said it would gradually phase out the Gold-for-Oil policy, implemented in February 2023 to stabilize fuel prices.<\/p>\n
He wrote on X: \u201cWhen we cautioned them, Dr. Bawumiah\u2019s response was, \u201cGold-for-oil\u2019 is an initiative the textbooks won\u2019t teach you\u201d. G4oil was nothing but a scam! BOG now seeking to end it.\u201d<\/p>\n
As the economy begins to rebound, the Central Bank said the program has achieved its purpose and is no longer necessary.<\/p>\n
\u201cThe Gold for Oil policy was a crisis management policy. We came in at the time in 2022 when the currency was depreciating very sharply and then prices at the pump became unbearable,\u201d the Central Bank noted.<\/p>\n
\nWhen we cautioned them, Dr. Bawumiah\u2019s response was, \u201cGold-for-oil\u2019 is an initiative the textbooks won\u2019t teach you\u201d. G4oil was nothing but a scam! BOG now seeking to end it. pic.twitter.com\/Ob08BcUnjA<\/a><\/p>\n
\u2014 John Abdulai Jinapor (@JohnJinapor) November 30, 2023<\/a><\/p>\n<\/blockquote>\n
Source: www.ghanaweb.com<\/p>\n
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