{"id":44129,"date":"2023-03-15T12:59:27","date_gmt":"2023-03-15T12:59:27","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/03\/15\/many-are-disappointed-gold-for-oil-policy-is-working-bawumia-jabs\/"},"modified":"2023-03-15T12:59:27","modified_gmt":"2023-03-15T12:59:27","slug":"many-are-disappointed-gold-for-oil-policy-is-working-bawumia-jabs","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/03\/15\/many-are-disappointed-gold-for-oil-policy-is-working-bawumia-jabs\/","title":{"rendered":"Many are disappointed &#8216;Gold for Oil&#8217; policy is working &#8211; Bawumia jabs"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"427\"  alt=\"\" title=\"Bawumia barbados\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/03\/Bawumia-barbados-696x427.png\" data- class=\"entry-thumb td-modal-image lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"696\" height=\"427\" class=\"entry-thumb td-modal-image\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/03\/Bawumia-barbados-696x427.png\"   alt=\"\" title=\"Bawumia barbados\"\/><\/noscript><\/div>\n<div class=\"td-a-rec td-a-rec-id-content_top  tdi_2 td_block_template_9\">\n<div class=\"td-all-devices\">\n<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"140\" alt=\"\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/03\/1678885167_435_power_prophecy-inline.jpeg\" class=\"lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"140\" src=\"https:\/\/www.ghanamma.com\/wp-content\/uploads\/2023\/03\/1678885167_435_power_prophecy-inline.jpeg\" alt=\"\"\/><\/noscript>\n<\/div>\n<\/div>\n<p><strong>Vice President Dr Mahamudu Bawumia has taken a swipe at critics of the gold-for-oil (G4O) policy introduced a couple of months ago, saying they are \u201cvery disappointed\u201d it is working.<\/strong><\/p>\n<p>He said the policy since its introduction has seen a reduction in fuel prices and buyers itsare expected to see further reduction from Thursday, March 16.<\/p>\n<p>\u201cThere is more to come. This is just the third month of the operation of the policy,\u201d he noted on Wednesday, March 15 at a forum organised by the Bulk Oil\u00a0 Storage and Transportation (BOST) Company Limited.<\/p>\n<p>\u201cSome people said it would not work [and that] Ghana doesn\u2019t have enough gold. How can you say that? We\u2019ve been mining this gold for 200 years and they keep taking it out and it cannot work for us? It doesn\u2019t make sense.<\/p>\n<p>\u201cThere are people who are very disappointed that it is working but bleeding is allowed. We have an impossibility mindset. They can keep to it but for us all things are possible by the grace of God.\u201d<\/p>\n<p>Vice President announced the Gold for Oil Policy in November last year as part of efforts to, inter alia, stabilise the forex market and ensure that the Cedi does not depreciate against its major trading currencies.<\/p>\n<p>The first consignment was received in January.<\/p>\n<p>Dr Bawumia said G4O is one of the policies since independence to address the balance of payment crisis faced in the economic sector.<\/p>\n<p>\u201cIn my humble opinion, this is the most important macro-econimic policy intervention to deal with the exchange rate depreciation, fuel price-food price-inflation nexus that we have had. We have not only seen a decline in prices from the GH\u00a223 per litre to around GH\u00a212 per litre but we have also seen stability in the exchange rates as we predicted.\u201d<\/p>\n<p><a class=\"twitter-follow-button\" href=\"https:\/\/twitter.com\/kwame_amoh?ref_src=twsrc%5Etfw\" data-show-count=\"false\">Follow @kwame_amoh<\/a><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Vice President Dr Mahamudu Bawumia has taken a swipe at critics of the gold-for-oil (G4O) policy introduced a couple of months ago, saying they are \u201cvery disappointed\u201d it is working. He said the policy since its introduction has seen a reduction in fuel prices and buyers itsare expected to see further reduction from Thursday, March [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":44130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-44129","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Many are disappointed &#039;Gold for Oil&#039; policy is working - Bawumia jabs - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/03\/15\/many-are-disappointed-gold-for-oil-policy-is-working-bawumia-jabs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Many are disappointed &#039;Gold for Oil&#039; policy is working - Bawumia jabs - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Vice President Dr Mahamudu Bawumia has taken a swipe at critics of the gold-for-oil (G4O) policy introduced a couple of months ago, saying they are \u201cvery disappointed\u201d it is working. 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