Gold-for-Oil programme was to tackle rising fuel prices
The Chief Executive of the Association of Oil Marketing Companies (AOMCs) and LPG Marketing Companies, Dr. Riverson Oppong, has expressed disappointment with the much-touted Gold-for-Oil (G4O) programme rolled out by the outgone New Patriotic Party’s government led by former President Nana Akufo-Addo, stating that it failed to stabilize fuel prices and even contributed to fuel shortages.
Dr. Oppong argued that the initiative did not meet its intended objectives and disrupted the industry’s supply chain.
“In the long run, we have seen how this was introduced, and the fact is, it absolutely didn’t curb energy pricing in any way,” Dr. Oppong stated.
He noted that towards the end of 2024, Ghana experienced fuel shortages because Bulk Oil Distribution Companies (BDCs) struggled to plan their imports alongside the Gold-for-Oil supply.
“As a result, BDCs were reluctant to import fuel, which led to supply challenges,” he explained.
Dr. Oppong further questioned whether the programme had fulfilled its primary goal of reducing fuel prices, stating emphatically, “The answer is a big no.”
He emphasized that industry players were waiting for the government to outline a new framework to replace the existing policy.
“With dialogue, I believe we can come up with a better solution,” he added.
He spoke on Accra-based Joy News on Tuesday, February 4, 2025.
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