The Deputy Minister for Information, Fatimatu Abubakar has said that the Gold for oil policy is the only solution to cut the demand of the dollar domestically.
Speaking in an interview on Movement in the morning show on Movement TV /Wontumi Radio, the deputy minister noted that “every year, the Government pays an excess of 1billion to the Independent Power Producers (IPP) to purchase fuel to run errands and also pay electricity debts. However, about 20per cent of our import bill is on crude oil.”
She stressed on the ripple effect of expensive fuel on the populace, adding that when fuel price is increased, automatically everything else increases and will develop into economic crisis.
Ghana is the 8th leading producer of Gold in the world and that is why the Government has introduced the Gold for oil policy which is the only solution to cut the demand for dollar and reduce the pressure in circulation.
“The essence of the Gold for oil policy is not just about the oil, but also to stabilize our currency”, she said.