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Fuel prices will go down further; Gold-for-Oil policy most important macroeconomic policy – Bawumia
Vice President, Dr. Mahamadu Bawumia, has described the Gold-for-Oil policy as a game changer that will push fuel prices down.
According to him, prices of petroleum products will go down once again at the pumps from tomorrow, March 16, 2023.
Commissioning a new head office for the Bulk Oil Storage and Transportation Company (BOST) in Accra, Dr. Bawumia said the policy is on course to achieve its overall objective of reducing the prices of fuel and easing the pressure on the country’s forex reserve.
“I am happy to note that the Gold-for-Oil policy is the first policy of its kind in Ghana since independence to address this type of balance of payment crisis that we face. In my humble opinion, this is the most important macroeconomic policy intervention to deal with the exchange rate depreciation, fuel prices, food prices, and inflation nexus that we have had”
“As a result of the policy, we have not only seen a decline in the price from ¢23 per liter to around ¢12 per liter.We have also seen stability in the exchange rate as we predicted”, he explained.
He further said “I say all thanks should go to the Ministry of Energy, to BOST, to NPA, the Bank of Ghana, the Ministry of Lands and Natural Resources and the PMMC who rose up to the occasion when we faced those crises of rapidly depreciating currency along with rapidly increasing fuel, transportation, and food prices.”
Credit :Myjoyonline.com
The prosecution has officially rested its case in The Republic v Solomon Asamoah & Another, the high-profile legal battle commonly referred to as the “Sky Train” case.
The Deputy Attorney General Justice Srem Sai announced the development, praising the state’s team of hard-working prosecutors for successfully anchoring the state’s evidence before the High Court.
The criminal trial centers on the former Chief Executive Officer and the former Board Chairman of the Ghana Infrastructure Investment Fund (GIIF).
The duo stands accused of illegally authorizing and paying out US$2 million to a foreign company without obtaining board directives or other mandatory statutory approvals.
State investigators have confirmed that the disbursed millions cannot be found.
Following the closure of the prosecution’s case, the accused persons moved the court for an opportunity to file a submission of no case.
The presiding judge granted the application, ordering the defense to submit their arguments by June 8.
The outcome of the June 8 filings will decide the fate of the trial:
With this, if the judge finds the defense’s submission convincing, the accused will be acquitted and discharged however, If the judge dismisses the submission, the court will order the accused officials to take the stand and explain why they should not face prison sentences.
By Edem Mensah-Tsotorme
Member of Parliament for Akuapem North, Sammy Awuku, has expressed deep sorrow following the sudden passing of Isaac Batsa, the constituency secretary for the opposition National Democratic Congress (NDC).
The New Patriotic Party (NPP) lawmaker issued a statement on Tuesday reacting to the news, which has shocked the local political community.
Mr.Awuku praised the late NDC secretary for his bipartisan approach to local governance.
He noted that despite their different political affiliations, Batsa consistently rose above party lines to serve the constituency with diligence.
The MP revealed that the news was particularly shocking given that he had last interacted with Batsa just three days prior on Saturday.
Concluding his statement, Sammy Awuku extended his heartfelt condolences to Batsa’s family, the constituency and regional executives, and the entire NDC fraternity, wishing the deceased peaceful eternal rest.
By Edem Mensah-Tsotorme
