A former Deputy Minister of Transport, Hassan Tampuli, has asserted that the stabilisation in petroleum product prices is a result of the implementation of Akufo-Addo's Gold-for-Oil programme.

Speaking on the floor of Parliament during the debate on the 2025 Budget on Wednesday, March 19, 2025, he stated that the initiative has played a crucial role in reducing fuel costs for Ghanaians.

To support his claim, the former deputy transport minister said before the introduction of the Gold-for-Oil programme, fuel prices had surged to GH¢23 per litre, causing significant financial strain on consumers.

“The Gold-for-Oil programme has been one of the main reasons we still have this stability in the price of petroleum products. At some point in 2022, Mr. Speaker, prices had gone up to GH¢23 per litre. By the singular intervention of Gold-for-Oil, we have seen a remarkable drop in the prices to GH¢13, and currently, we are hovering around GH¢13 and GH¢14, depending on the product you are buying,” Hassan Tampuli stated.

The Gold-for-Oil policy was a strategic programme launched by the Akufo-Addo government.

Its goal was to leverage the Bank of Ghana's Domestic Gold Purchase (DGP) programme to support the importation of petroleum products into the country.

The initiative was designed to free up foreign exchange resources, reduce pressure on the Central Bank’s foreign reserves and the banking sector, and procure petroleum products at competitive prices through Government-to-Government arrangements.

As part of the programme, the Bank of Ghana purchased all gold produced and exported by companies with licensed small-scale concessions, including community mines. 

This gold was then used to pay for oil supplies to Ghana, either through barter trade or via a broker channel.

SA/AE