Gold-for-Oil policy responsible for stable petroleum prices – Hassan Tampuli

Hassan Tampuli, the Chief Executive Officer of the National Petroleum Authority (NPA), has credited the government's "Gold for Oil" initiative for stabilizing petroleum prices in Ghana. This policy allows the country to trade gold for oil, providing a strategic alternative to traditional dollar-based transactions and reducing reliance on foreign currency fluctuations. By enabling direct imports of petroleum products using gold reserves, the initiative has helped mitigate price volatility often seen in global oil markets.

Tampuli emphasized that this approach has not only enhanced price stability but also ensured consistent supply amidst global economic challenges. As a result, consumers have benefited from more predictable fuel prices at the pump. He noted that the NPA remains committed to overseeing this innovative policy and ensuring its effectiveness in promoting energy security and affordability for Ghanaians. The Gold for Oil program signifies a significant shift in how Ghana navigates its energy needs while aiming to bolster its economy through resource utilization.