Take another look at the Gold for Oil project because it hasn’t reduced petrol prices, the government said.
The ‘Gold for Oil’ Programme should be reexamined, according to official advice, as it hasn’t had an influence on gas station prices for petroleum items.
Dr. Yussif Sulemana, an energy strategist, claims that because the policy’s primary goal has not been met, a review of the programme is the best course of action.
His remarks follow the withdrawal of some Oil Marketing Companies from the project over outstanding issues.
Dr. Sulemana told Joy Business that those who support the policy must take the necessary action.
“The issue is that we are unable to stabilise the cedi, which is what we want to do. At most, it may have reduced the depreciation rate, which is not what we desired.
“We wanted to be able to step on and have control of the cedi and consequently impact at the pumps. But at this point in time, I think the programme hasn’t had any substantial impact on the pumps”, he added.
According to Dr. Sulemana, it is quite unfortunate that the policy has not yielded the intended result.
“It’s quite unfortunate and the champions of the programme will have to relook at it and look at the successes and weigh against what we are trading on”.
He quizzed “Are we ready to disturb these institutions [OMCs] just to stabilise the cedi that we are not able to have a firm handle on?”
“At this point in time and in that case, I think the programme needs to be reviewed and if it cannot be reviewed, then we have to just advise ourselves”, he added.