Ghana’s gold for oil policy is a daft idea – Ricketts-Hagan

The Member of Parliament for the Cape Coast South constituency, Kweku Ricketts-Hagan has described the policy by the government to purchase oil with gold instead of dollar reserves as a very daft idea.

Mr Ricketts-Hagan speaking on the Big Issue on Citi TV/Citi FM on Saturday, December 3, said the decision is a clear indication that the government lacks an understanding of Ghana’s economy.

Ghana’s Vice President, Dr Mahamudu Bawumia announced that the government is working on a new policy to buy oil products with gold rather than U.S.

That is down from around $9.7 billion at the end of last year, according to the government.

But Mr Ricketts-Hagan said the policy has not been properly thought through by the government and would be difficult to implement since the prices of fuel are set by the international market.

This government is taking us from the Guggisberg economy to the stone age economy

The proposed policy by the government is uncommon