Pulse Ghana is the most followed news and entertainment platform, informing and engaging young Ghanaians round the clock, providing updates by the hour.

Pulse Ghana

The Member of Parliament of Assin Central, Kennedy Agyapong has added his voice to the petroleum products imported under the <a href="https://www.pulse.com.gh/business/local/barter-gold-for-oil-we-will-not-see-a-20-decrease-in-fuel-alex-mould/7d0kgt2">gold for oil</a> (G4O) programme.

Gold for oil policy doesn't make sense — Kennedy Agyapong to gov't | Pulse Ghana

Emmanuel Tornyi

He said the gold for oil policy doesn't make sense to Ghanaians.

In an interview on Kumasi-based Sompa FM, the maverick politician said instead of selling the raw gold, the government should pursue a path of refining the mineral and adding value to the mineral before selling it adding that the funds accrued from the finished gold products will be enough to purchase the oil.

"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?" he asked.

The policy to buy oil products with gold rather than U.S. dollar reserves is meant to tackle dwindling foreign currency reserves coupled with the demand for dollars by oil importers, which weakens the Ghana cedi and increases living costs.

Vice President Mahamudu Bawumia said the government is projecting to save about US$3 billion in foreign exchange yearly from the proposed policy which seeks to acquire oil products in exchange for gold.

He explained that the policy which would be implemented in the first quarter of next year could also relieve some inflationary pressure on the cedi.

Kennedy Agyapong speaking on his presidential ambition said many factors will determine who leads the New Patriotic Party (NPP) into the 2024 general elections.

He stated that the delegates of the party will look beyond good grammar and educational titles in determining who will lead the governing party in the next elections.

Gold for oil policy doesn't make sense — Kennedy Agyapong to gov't

Business

News

Entertainment

Lifestyle

Sports

Politics

Local

Filla

World

Football

Ghana Premier League

Black Stars

Celebrities

Music

Movies

Fashion

Beauty & Health

Relationships & Weddings

Food & Travel

Domestic

International 

Explore categories

The Pulse Influencer Awards has been set up to recognize and highlight bright lights in the influencer space in Africa who are building active engaged communities around their niche or craft.

Influencer Awards

Company Pages

Breaking News & Top Stories | Pulse Ghana

Video

Checkout our authors for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana

Authors | Pulse Ghana

| Pulse Ghana

Read the latest news across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana

Search for the latest content across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana

Search Results | Pulse Ghana

Watch the latest videos across entertainment, sports, business and more. Be first to receive exclusive updates with your free subscription straight to your phone | Pulse Ghana