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The Head of Analysis and Coaching at COPEC, Mr. Paul Ofori, has acknowledged that the gold for oil coverage has no impact on the discount of gasoline costs within the nation.
He mentioned this following the drop in gasoline costs predicted by the federal government.
In November 2022, the federal government introduced plans to purchase oil merchandise with gold quite than US {dollars}.
Vice President Dr. Mahamudu Bawumia mentioned that the transfer was meant to deal with dwindling overseas forex reserves coupled with demand for {dollars} by oil importers, which was weakening the native cedi and growing residing prices.
“It can essentially change our stability of funds and considerably scale back the persistent depreciation of our forex,” Dr. Bawumia mentioned.
He additionally mentioned that utilizing gold would cease the trade price from having a direct impact on gasoline or utility costs, since sellers in america would now not want overseas forex to purchase oil merchandise from different nations.
On Monday, February 27, 2023, COPEC revealed that the worth of gasoline is predicted to lower by March.
In response to COPEC, petrol and diesel costs on the world market have diminished, therefore Ghana’s quest to scale back gasoline costs from March 1.
Talking on Atinka TV’s morning present, Ghana Nie with Ama Gyenfa Ofosu Darkwa, Mr. Paul Ofori defined that, “When the cedi stabilizes, it pushes for the costs to additionally come down.” Secondly, when the world worth comes down, it helps scale back the worth. “But when we speak about gold for oil, gold for oil just isn’t accounting for the drop within the worth of gasoline on the pumps.”
He continued, “The primary consignment that got here was about 40,000 metric tons; it was solely diesel; petrol was not a part of it.” And our every day consumption is roughly 11,500. “And the 40,000, how lengthy will it final?” We use about 11,500 a day, and also you introduced 40,000, so once you examine it, it’s nearly 4 to 5 days, and the affect may be very low, such that it’s going to not deliver any change on the pumps, and so the gold for oil, in as a lot as we had been praying that the shoppers on the finish of the day would be the beneficiaries, or get costs which might be very low, it isn’t this gold for oil that may make the costs on the pumps low.
Mr. Paul Ofori additionally acknowledged that just a few oil advertising and marketing firms had entry to the 40,000 metric tons, including that these with out 45 gasoline stations wouldn’t profit.
“We’re not towards any coverage the federal government will deliver to assist the buyer; nevertheless, it needs to be a coverage that may inure to the advantage of the buyer and that may inure to the advantages of the nation, however once you take a look at this coverage, with all fact, secrecy, or the extent of opaqueness within the coverage, it tells you the coverage won’t profit the buyer or deliver any revenue to the nation to assist the buyer,” he mentioned.
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