Review Gold for Oil Programme – IES

The Executive Director of the Institute of Energy Security, Nana Amoasi VII, has called for a comprehensive review of the Gold-for-Oil (G4O) programme, stating that it has not met its intended goal of stabilising fuel prices.

In an interview with ABC News, Nana Amoasi VII pointed out that over the past ten months, fuel prices have continuously increased, contrary to the programme’s objectives.

“We support a total review of the program,” he said.

He further warned that there is a high likelihood of another rise in fuel prices during the upcoming second pricing window.

The G4O program was designed to stabilise fuel prices, reduce dependence on foreign currencies, and promote economic self-sufficiency by easing the foreign exchange burden on domestic fuel vendors when importing petroleum products.

However, Nana Amoasi VII stressed that the program has not delivered on these promises.