Gold-for-Oil Policy Prevented Economic Collapse – Dr. Bawumia
Former Vice President credits gold-for-oil initiative with averting economic disaster during financial crisis
- Dr. Mahamudu Bawumia, has credited the Gold-for-Oil policy with playing a critical role in stabilizing the country’s economy
- Dr. Bawumia stated that the policy helped prevent a total collapse of Ghana’s economy
- Dr. Bawumia’s remarks have reignited debate about the policy’s effectiveness
Former Vice President of Ghana, Dr. Mahamudu Bawumia, has credited the Gold-for-Oil policy with playing a critical role in stabilizing the country’s economy during a period of severe economic pressure.
Speaking on the impact of the initiative, Dr. Bawumia stated that the policy helped prevent a total collapse of Ghana’s economy by reducing the demand for foreign currency used to import fuel, thereby easing pressure on the cedi and conserving foreign reserves.
“The Gold-for-Oil policy was a game changer. Without it, the economy could have collapsed,” he asserted.
Launched under the previous administration, the Gold-for-Oil program allowed the government to purchase fuel using gold instead of U.S. dollars, providing a strategic buffer against global economic shocks and fluctuating fuel prices.
Dr. Bawumia’s remarks have reignited debate about the policy’s effectiveness and long-term sustainability, with some praising it as a bold innovation and others calling for a more comprehensive review of its outcomes.
