The Chamber of Oil Marketing Companies (COMAC) has expressed concerns regarding Ghana’s Gold-for-Oil (G4O) policy, questioning its effectiveness in addressing the country’s foreign exchange crisis and stabilizing fuel prices.
The G4O policy, introduced by the government, aims to exchange gold for petroleum products to reduce reliance on foreign currencies, particularly the U.S. dollar, thereby mitigating the depreciation of the Ghanaian cedi and stabilizing fuel prices.
However, COMAC has raised concerns about the policy’s implementation and its actual impact on the economy. They argue that the policy has not effectively stabilized the cedi, and there are issues related to transparency and accountability in its execution.
In response to these concerns, the government has initiated a review of the G4O policy. Energy Minister John Jinapor met with key industry stakeholders, including the Bulk Oil Distribution Companies and the Chamber of Oil Marketing Companies, to discuss the policy’s future and address potential issues such as fuel shortages.
The outcome of this review is anticipated to provide clarity on the policy’s direction and its role in stabilizing Ghana’s economy.
