Gold-for-Oil Was Not Meant to Stabilize the Cedi, But Ensure Fuel Supply – Dr Opoku-Prempeh

Dr. Matthew Opoku-Prempeh, the NPP's vice-presidential candidate, clarified at a town hall that Ghana's "Gold-for-Oil" program was not primarily intended to stabilize the cedi but to ensure fuel supply security and control price volatility amid US dollar scarcity.

He highlighted that petroleum imports heavily strain the nation’s foreign reserves, which could have become unsustainable by 2022. While the program has eased pressure on reserves, securing foreign currency remains challenging.

Opoku-Prempeh emphasized the need for policy adjustments to stabilize fuel prices and enhance private sector involvement in Ghana’s fuel supply chain.