Flagbearer of the New Patriotic Party (NPP), Dr Mahamudu Bawumia, has hailed the Gold for Oil programme as a pivotal initiative that rescued the economy from collapse.

He emphasised that the programme’s success was crucial in preventing economic downfall.

During a media engagement on Sunday, August 25, the NPP’s flagbearer said, “Without the gold purchase programme and the gold for oil programme, this economy would have collapsed.”

In a recent interview with Citi Business News, the Managing Director of the Bulk Oil Storage and Transportation Company Limited (BOST), Dr Edwin Alfred Provencal, strongly asserted that the Gold for Oil policy has been instrumental in preventing potential fuel shortages, similar to those currently affecting Nigeria.

He emphasized that the programme has proven its effectiveness since its inception, countering scepticism from some industry analysts who have called for its discontinuation.

Dr Provencal highlighted the positive impact of the programme on economic growth, underscoring its critical role in stabilizing the fuel supply in the country.

The Gold for Oil Programme formally kicked off on January 15, 2023, with the arrival of the first consignment of about 40,000 metric tonnes of diesel valued at $40 million.

The prime objective of the programme is to use additional foreign exchange resources from the Bank of Ghana’s Domestic Gold Purchase (DGP) programme to provide foreign currency for the importation of petroleum products for the country which currently stands at about US$350 million per month.