Alex Mould, a former chief executive of the National Petroleum Authority (NPA) has described the gold for oil scheme as unnecessary.
The gold for oil policy is expected to change Ghana’s balance of payments position fundamentally and significantly reduce the persistent depreciation of the cedi.
“The gold for oil policy is quite an unnecessary one,” Mould said on the Asaase Breakfast Show on Wednesday (8 February).
“So, the whole argument that if [the] government buys gold and barters it for petroleum products, there’ll be less pressure on foreign exchange is absolutely flawed,” he told the host Kwaku Nhyira-Addo.
“Government going for barter is not going to reduce the price of petrol we are buying, or increase the price we get from the sale of gold. It’s going to be the same price with selling our gold, and the same price we’re buying our products,” Mould added.