The former Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr Edwin Alfred Nii Obodai Provencal has robustly defended Ghana's 'Gold for Oil' (G4O) initiative against recent criticisms.
This comes in response to remarks by Dr Riverson Oppong, CEO of the Association of Oil Marketing Companies (AOMC), who questioned the programme's efficacy and transparency.
Dr Provencal has in a rejoinder emphasised the programme's success in stabilising fuel prices and reducing foreign exchange pressures.
He noted, "Premiums on petroleum products dropped from $135 per metric tonne to $65 currently, and diesel prices have fallen from GHS23 per litre in November 2022 to the current price of GHS15.45." He attributed these achievements to the G4O programme's role in anchoring and stabilising the forex rate over a prolonged period.
