Regional Communications director for the New Patriotic Party, Adam Sabo, has labeled the Gold-for-oil project as a blessing to the country.
Speaking in an interview with Kwaku Dawuro, on Movement In The Morning, on Movement TV/Wontumi radio, Adam Sabo elaborating on the Gold-for-oil initiative, he hammered on some benefits the country will derive from it. According to him the policy is long overdue, as it is what the country has always needed.
He noted that ”To me, i deem this Gold-for-oil as a blessing from God. There is a saying by entrepreneurs that good ideas come at tough critical moments, so I’m sure if we didn’t get to this point, the leaders wouldn’t have had such mindset. I was impressed the very first time i heard about it and said this is what Ghana has been needing all along, because simple economics will tell you there is something called comparative advantage that means you should go with your strength when going to trade.
If you look at the whole policy, it is good, but it is just one aspect of it that is converted into cash but Gold for oil throughout.”
The gold-for-oil policy which gold is used as a barter to trade for oil, was designed to insulate the Ghanaian economy from any future cedi depreciation.