The decline in the price of fuel – from ¢13.6 per litre to ¢12.3 per litre – in the last two months, will have a ripple effect on people’s personal economies, he says.
“We are focused on efficiency in the implementation so that people will see and feel the impact in their pockets.”
Under the G4O programme, Ghana aims to secure competitively priced oil by selling gold to ease pressure on the local currency, reverse rocketing fuel prices, and fixing the balance of payment problems.
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By March, more than 60,000 ounces of gold valued at over $97m had been purchased from local mines, but the PMMC is targeting at least 160,000 ounces of gold, valued around $300m per month, which could help purchase about 50% of the country’s monthly oil demand.
Kick-starting the G4O programme was the shipment of 41,000MT of oil from the United Arab Emirates in January for $40m. Another 155,000MT arrived at the
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