Source: newsthemegh.com
According to the the government, the country’s inflation rate decreased from 54.1 percent in January 2023 to 23.5 percent as a result of the gold-for-oil strategy.
Government officials introduced the program in an effort to counteract Ghana’s declining foreign exchange reserves and the local cedi’s depreciation due to oil importers’ demand 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.” she said
“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.” she added