Former Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr Edwin Alfred Nii Obodai Provencal has described the suspension of the Gold for Oil Programme by the new leadership at the Bank of Ghana (BoG) as premature.
He argues that Ghana's Gold-for-Oil programme had been a bold and innovative policy experiment, one that attracted global attention for its attempt to leverage a traditional asset (gold) to solve modern economic problems.
Over the two years of its operation, he explained, the programme had had a tangible impact on the Ghanaian economy.
He said it helped stabilize fuel supply and prices during a period of crisis, contributed to easing inflation from historical highs, and provided support to the cedi and foreign reserves when they were under extreme pressure.
