Need to introduce Gold for Oil Policy - by Dr Ernest Addison (Governor of Bank of Ghana)

Introducing the Gold for Oil policy: A game-changer for our economy, as proclaimed by none other than the esteemed Governor of the Bank of Ghana, Dr. Ernest Addison. With unwavering conviction, he emphasises the dire need for this groundbreaking initiative to bolster our nation's financial stability.

Presenting at the recently concluded Ghana Mining Expo in the vibrant city of Takoradi, our esteemed speaker highlighted the profound impact of economic crises on the foreign exchange market, resulting in substantial and noteworthy adjustments.

Discover the remarkable impact of Dr. Addison's groundbreaking Gold for Oil policy. Experience the extraordinary benefits of enhanced foreign exchange resources, intensified market competition, reduced ex-pump petroleum prices, and a newfound stability in the FX markets. Dr. Addison's visionary approach has revolutionised the industry, delivering unparalleled results that will leave you astounded.

Introducing the remarkable G4O - a game-changer that emerged as a beacon of hope during the tumultuous economic crisis of 2022, particularly in the pivotal last quarter.

Experience the unprecedented impact of the crisis on the dynamic foreign exchange market, where monumental adjustments in the exchange rate have sent shockwaves through the financial realm. Witness the distortion of forward exchange rate quotes, once relied upon to determine the price of petrol, now caught in the chaotic crossfire. Brace yourself for a paradigm shift like no other.

Discover the power of government intervention in securing affordable fuel through direct engagement with oil producers. Experience the game-changing benefits of G4O arrangements firsthand. Discover the undeniable potential of harnessing the remarkable BoG Gold for Reserves programme as a catalyst for empowering investments in the thriving oil industry.

Experience the dynamic world of domestic ex-pump petroleum prices as they undergo rapid transformations, accompanied by an upward surge in transport costs. These fluctuations are primarily driven by the significant depreciation of the currency and the relentless rise in headline inflation.

Discover the remarkable dedication and unwavering commitment of the government as they tackle the pressing issue of unlicensed miners who flagrantly disregard sustainable mining practises.

Discover the unwavering dedication of Ghana as it relentlessly tackles the pressing issue of unlicensed miners who flagrantly disregard sustainable mining practises.

Imagine a future where the remarkable advantages of the DGP programme are realised by every participant in the value chain. In this world, the nefarious activities of these unlawful operators will dwindle, compelled to conform to the standards of responsible mining practises. The exorbitant economic and legal consequences of operating outside the boundaries of the Law will render their endeavours unfeasible. These are the aspirations shared by Mr. Addison.