The Member of Parliament for Assin Central, Kennedy Agyapong, has criticized the government’s gold for oil policy, describing it as senseless.
The maverick politician expressed his views on the petroleum products imported under the program, stating that Ghanaians do not understand why the government would use gold to buy oil.
In an interview with Kumasi-based Sompa FM, Kennedy Agyapong suggested that instead of selling raw gold, the government should refine the mineral and add value to it before selling it. He argued that this approach would generate more revenue, which could be used to purchase oil without the need to exchange gold for it.
“Does it make sense to you to buy oil with gold? Why don’t you sell your gold, make the money and go and buy the oil?” he asked.
The gold for oil agreement aims to address Ghana’s dwindling foreign currency reserves, which are further weakened by the high demand for dollars by oil importers. Vice President Dr. Mahamudu Bawumia has explained that the policy, set to be implemented in the first quarter of next year, could save the government up to US$3 billion in foreign exchange yearly and alleviate inflationary pressure on the Ghana cedi.
Despite the benefits touted by the government, Kennedy Agyapong believes that the policy is not a wise move for the country.
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In a separate comment on his presidential ambition, the MP acknowledged that various factors would determine who leads the New Patriotic Party (NPP) into the 2024 general elections. He advised that party delegates should look beyond educational qualifications and good grammar when selecting the party’s leader
