As the NPP led by the Akufo-Addo government advances plans to purchase oil with gold, the NPP Germany branch has welcomed and lauded the move by the Bank of Ghana (BoG).
According to a statement signed by the NPP Germany Communications Director, Nana Osei Boateng, the Ghanaian economy under His Excellency Nana Addo Dankwa Akufo Addo has shown the potential of being able to take bold financial decisions to regulate the many shocks and fluctuations in the economy.
He noted that the decision to switch dollar for gold as a unit for purchase will help strengthen the value of the Cedi.
“The decision to switch dollar for gold as a unit for purchase will help the value of the Cedi. About half of Cedi-dollar transactions that depreciate the Cedi happens in the oil and crude market and governments decision on this matter if upheld to the later will help reduce demand for the dollar,” he stated.
He urges Ghanaians to rally behind the government on the policy direction.
“All citizens must throw their support behind His Excellency Nana Addo Dankwa Akufo Addo and his team of ministers for the policy to succeed,” he stressed.
Below is the full press statement:
PRESS RELEASE
GHANA WORKING ON A NEW POLICY TO BUY OIL WITH GOLD
The Ghanaian economy under His Excellency Nana Addo Dankwa Akufo Addo has shown the potential of being able to take bold financial decisions to regulate the many shocks and fluctuations in the economy.
Amongst the popular decisions made to restore Ghana back to a good standing with the global economic system and rating agencies is Ghana’s decision to ban imports of rice, poultry and many other staple products but rather focus on boosting production of these commodities within the country and even build export capabilities.
Now, significant in this in Ghana’s economic story is the potential decision of purchasing oil and crude with gold instead of the American dollar. Due to Ghana’s high import economy, forex has been a great challenge to the country. The value of the Cedi never keeps sturdy for long.
The decision to switch dollar for gold as a unit for purchase will help the value of the Cedi. About half of Cedi-dollar transactions that depreciates the Cedi happens in the oil and crude market and governments decision on this matter if upheld to the later will help reduce demand for the dollar significantly.
The government’s promise to effect policies that will bring back the economy to its feet is on course and a significant drop of the value of the dollar against the Cedi has already began.
All citizens must throw their support behind His Excellency Nana Addo Dankwa Akufo Addo and his team of ministers for the policy to succeed.
God bless Ghana, the NPP and Nana Addo Dankwa Akufo-Addo.
Source: Modern Ghana
