Duncan Amoah, the Executive Director of the Chamber of Petroleum Consumers, Ghana (COPEC), has stated that if the oil that was obtained by the government is distributed this week, it is possible that the price of petroleum goods may decrease.
After many weeks of falling prices, the price of fuel shot up dramatically during the second pricing window on Saturday, January 21, 2023.
Numerous parties involved in this circumstance pointed the finger at the unpredictability of the value of the local currency in comparison to the dollar. The “gold for oil policy” was implemented by the government as a response to this predicament.
The United Arab Emirates shipped 40,000 metric tons of the first consignment to Ghana in accordance with the policy on January 15, 2023. Ghana accepted this delivery.
In the event that the distribution of the product is completed in a timely manner, the Executive Director of COPEC is hopeful that the price of the commodity will decrease.
“The calculations that apply to this gold-for-oil scheme are of the utmost importance. If it does not address the problem of gasoline prices continuing to rise and does not solve the problem of the cedi continuing to lose value, then we should forbid politicians from interfering in the fuel market and trading altogether.
“Because Ghanaians will not be clamoring for that circumstance,” she said. “Because that won’t happen.” The data that they will put up for the following week will determine whether or not we are able to propel the market downwards, and it will also determine whether or not we are able to maintain prices where they are. Or, there are certain advantages that may be obtained for the population as a whole.
According to Mr. Amoah, “if there are no advantages, it will be impossible to go to the Bank of Ghana (BoG) to beg for money to trade in oil, and we would be burned on all sides.”