I had sleepless nights over exchange rate hikes

– Commercial –

Vice President Dr. Mahamudu Bawumia has admitted that he had bother sleeping through the interval when Ghana was experiencing a interval of constant exchange rate will increase that elevated the price of gas.

The vp claimed that the predicament and his efforts to provide you with a workable resolution stored him up at evening.

“One second which gave me a whole lot of sleepless nights personally was when at one level, the ahead exchange rate of GH¢19 to the greenback was used to cost gas on the pump,” Dr Bawumia acknowledged through the commissioning of the brand new head workplace of the Bulk Oil Storage Transportation Firm in Accra on Wednesday, March 15, 2023.

“We have been confronted with how a lot increased it might go. We have been confronted with a really important state of affairs as a result of we didn’t have sufficient overseas exchange reserves to fulfill this persistent demand.

– Commercial –

“At this time, you’re seeing that in Kenya, they’re going through vital scarcity of overseas exchange reserves leading to petroleum queues.

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“So, we had to assume exterior the field to forestall Ghana from going by way of that state of affairs… and that is the place the pondering for gold-for-oil got here in,” the vp added.

The top of Authorities’s Financial Administration Committee, nonetheless, famous that the hunt to discover a resolution led to the conception of the federal government’s Gold-for-Oil coverage.

Final yr, Dr. Bawumia introduced a brand new authorities coverage dubbed gold-for-oil. The coverage, as defined by the federal government, is to permit the federal government to pay for imported oil merchandise with gold, in a direct barter with gold bought by the Central Financial institution.

– Commercial –


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