The government claims that the gold-for-oil program helped to lower the nation’s inflation rate, which in January 2023 fell from 54.1 percent to 23.5 percent.
The government implemented the program in an effort to combat Ghana’s declining foreign exchange reserves and the local cedi’s depreciation due to oil importers’ desire for dollars.
Abena Osei-Asare, the Minister of State Designate for the Finance Ministry, praised the intervention’s accomplishments when she introduced the motion to start debating President Akufo-Addo’s 2024 State of the Nation address.
“Mr. Speaker, this gold for oil programme improved the strength of the Cedi, and we all saw how the Cedi depreciated against major currencies in November 2022. It went as high as 54 percent to the Dollar and Mr. Speaker, due to this programme, we have seen the Cedi gain some strength and as we speak, from February 2023 to December 2023, the Cedi depreciated by just 9 percent.
“Coupled with the improvement in the strength of the Cedi and inflation with our debt and fiscal sustainability programme, we saw our growth numbers going up.”.
