Features
Why gold for fuel
Gold for oil policy is to tackle dwindling foreign currency reserves
The economic challenges facing the country today calls for the taking of pragmatic steps to help reduce the burden on Ghanaians and make things a bit easy for the people in this country.
In doing so, it will help deal with the purchase of an essential commodity like crude oil to enable economic life to continue smoothly for the country irrespective of the serious challenges facing the entire world including our dear country.
The decision to use oil to purchase fuel for the country is a major step that shows that the leadership of this country is thinking outside the box to make life bearable even in a situation where things are extremely difficult.
The normal practice is that crude oil is imported into the country with the use of the US dollar and this is a practice that is accepted by many countries in the world.
This practice has established the US currency as an essential global commodity used to transact business among countries in the world.
For this reason, countries that are import oriented tend to put more demand for the US dollar, thereby causing a reduction in the value of the local currency which in the case of Ghana is the Cedi.
The Cedi will continue to depreciate in relation to other foreign currencies as long as undue pressure is put on the Dollar for the import of products into the country. If a reverse for this situation can be found, that is more products can be exported rather than imported, it will help the Cedi to appreciate its value against the dollar and other foreign currencies.
In the light of this, it becomes easy to understand why the leaders of this country are taking such a practical positive step to reverse the situation in this country and use one of our precious minerals, that is gold, as an exchange commodity to import crude oil.
This is why Ghana’s government, as has been pointed out already, is working on a new policy to buy oil products with gold rather than U.S. dollar reserves. This point was made by Vice-President Mahamudu Bawumia recently.
The move, he pointed out, is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.
Ghana’s Gross International Reserves stood at around $6.6 billion at the end of September 2022, equating to less than three months of imports cover. That is down from around $9.7 billion at the end of last year, according to the government.
If implemented as planned for the first quarter of 2023, the new policy will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency.
If Ghana for instance uses about $400 million to import crude oil every month, we can easily imagine the tremendous pressure this puts on the dollar. Thus, together with other demands for imports, the pressure on the dollar keeps escalating and this explains why the Cedi continues to depreciate, making imported products very expensive in this country.
To correct this economic imbalance, there is the need to reduce imports of foreign goods. Government has already made it clear in the 2023 budget statement that imports are to be cut down by 40 per cent.
Using gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products.
The barter of gold for oil represents a major structural change. Government is therefore right in taking this action so that the economic situation in the country can be made better for all Ghanaians.
The proposed policy is uncommon. While countries sometimes trade oil for other goods or commodities, such deals typically involve an oil-producing nation receiving non-oil goods rather than the opposite.
Ghana produces crude oil but it has relied on imports for refined oil products since its only refinery shut down after an explosion in 2017. With time, the oil refinery in Tema, TOR, can be refurnished to make it workable so that arrangements can be made to refine our own oil in this country.
This means that we will have to negotiate a deal with investors in our oil exploration in the country so that the crude oil will not have to be sent out to be refined before being brought back into the country for consumption.
The policy relating to the use of gold for fuel is an innovative way of dealing with the enormous depreciation of the Cedi and thereby help in correcting the economic imbalance in the country. As much as possible, Ghanaians must support such a policy so that the entire country will benefit from this good deal.
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By Dr. Kofi Amponsah-Bediako
Today, I focus on the Apostolic Church International in Finland, as I continue with my description of institutions and personalities and their accomplishments as members of the Ghanaian Diaspora in Finland.
The Apostolic Church International, Finland (or, Apostolic International Association Ry) was established in October 9, 2023. The Church in Finland has seen significant strides and accomplishments within the short time that it has been established in Finland, which must be highlighted.
History of the Church in Ghana
The Apostolic Church Ghana originated from the 1904–1905 Welsh revival, officially established in Ghana (then called Gold Coast) in 1935 following connections between a local prayer group in Asamankese (a town in southern Ghana), led by Peter Newman Anim, and the Apostolic Church, UK. There were historical splits in 1939 and 1953, but the Apostolic Church attained autonomy in 1985.
Today, the Church is headquartered in Accra. Last year (2025), it dedicated its new 10-storey headquarters, “The Apostolic Church Tower,” in Frafraha, Adenta West in Accra.
Activities of the Apostolic Church in Finland
The Apostolic Church in Finland conducts church service on Sundays. The service starts at 11a.m. in the morning and closes by 1 p.m. in the afternoon. There are no other activities during other days for now.
The Minister in charge of the church in Finland is also the Area Head of Italy Area. He is Pastor Daniel Kofi Addison who is the new Italy Area Head, and has just been transferred from UK South Area to Italy Area during the just-ended Council Meeting in March this year. Italy Area comprises Italy, which has 13 Assemblies, Germany, one Assembly, and Finland, one Assembly.
Elder Ebenezer Amoaning-Coffie is the Presiding Elder in charge of the Assembly in Finland. A Presiding Elder is responsible for day to day activities of the church (Assembly) and reports to the District Pastor, or in the absence of the District Pastor, reports to the Area Head.
Achievements
The Apostolic Church International, Finland was officially registered under the Finnish Law, guaranteeing freedom of worship and providing legal foundation for future growth. The church service is conducted in both English and Twi.
The church opens its doors to all people of every nation, especially Ghanaians who are in Finland and other African nationals. Now, the membership comprises Ghanaians, Nigerians and Sierra Leoneans.
The Church and the Ghanaian migrant community in Finland
The Apostolic Church in Finland plays a prominent role as a religious group that serves Ghanaian migrants and others in the Finnish society.
Thus, the Apostolic Church is a religious body for Ghanaian migrants in Finland and other nationalities who want to worship with them for diversity and better intercultural and multicultural understanding.
Elder Amoaning-Coffie said that the main and primary aim of the church is to bring people closer to God. “We aim to win souls for Christ. We aim to preach the gospel to the world. By propagating the gospel to the people, we are hopeful that they will turn away from any ungodly ways and be good individuals in the community and in society in general”, he stated.
He said that everything is going well so far. A key challenge, however, is how to get more members especially the youth. As a new Assembly, we are in need of instrumentalists, for example. We pray to God Almighty to help us do His work, the Elder disclosed.
Integration
By its activities, the Apostolic Church is helping to ensure integration of its members well into the Finish society. This is important since social interaction and citizens’ well-being are an important part of the integration process in Finland.
As I mentioned some time ago, the role of migrant associations and groups such as the Apostolic Church acting as bridge-builders for the integration and inclusion of migrants through participation in the decision making process and by acting as a representative voice is highly appreciated in Finland. Thank you!
With Dr Perpetual Crentsil
The landscape of the Ghanaian palate is shifting, and not necessarily for the better. In our bustling urban centres, from the streets of Accra to the suburbs of Kumasi, a quiet culinary revolution is taking place; one where the mortar and pestle are being replaced by the pizza oven and the deep fryer. This transition from traditional staple foods like fufu, banku, akple, kenkey, tuo zaafi, and ampesi toward “continental” dishes is more than just a change in appetite; it is a reflection of a deeper social struggle with identity and prestige.
The illusion of modernity
For many, “stepping out” for a meal has become synonymous with consuming foreign cuisine. There is an unspoken social hierarchy where a bowl of Abunuabunu is relegated to the village category, while burgers, pizzas are branded as prestigious choices. We have reached a stage where we equate foreign with modern and local with primitive.
This perception is a dangerous illusion. Our traditional dishes are marvels of culinary engineering complex, nutrient-dense, and deeply rooted in our history. When we choose a processed foreign import over a meal made from local tubers or fermented maize, we are not just changing our lunch; we are eroding the indigenous knowledge attached to our local ingredients and foods.
We need to turn the consumption of indigenous grains and tubers like millet, sorghum, and plantain into a statement of self-worth and national pride.
The cultural and health erosion
Every time a local dish disappears from a restaurant menu to make room for foreign fast food, we lose a piece of our cultural fabric. Traditional Ghanaian cooking is an art that requires patience and skill. By choosing the convenience of foreign fast food, we are raising a generation that may know the taste of a pepperoni pizza but cannot identify the rich, earthy profile of Prekese or the subtle tang of well-fermented dough dishes like corn porridge, banku, etew, abolo, agidi or kamfa, and kenkey.
Furthermore, we are at the crossroads of a nutrition transition. Replacing high-fiber, indigenous crops with calorie-dense but nutrient-poor foreign fast foods is driving a rise in lifestyle diseases such as obesity, hypertension, diabetes, stroke, cancer, and liver disease. We are trading our longevity for 15-minutes convenience or unhealthy diet.
A call for culinary patriotism
It is time for us to appreciate, preserve, and promote our indigenous foods and culinary traditions. We need to be proud of our local dishes, ingredients and cooking methods, rather than relying heavily on foreign or imported foods. We must stop viewing our local delicacies as low-class and start treating our culinary heritage as the high-end gastronomy it truly is.
True sophistication does not come from imitating Western fast food; it comes from innovation and adding values to our own resources. We see glimpses of this potential in the rise of branded Sobolo and the creative use of gluten-free plantain flour in modern baking of flour-based dishes such as bread, cakes, biscuits and others. This is the path forward. We must elevate our local dishes, making them as accessible, affordable, presentable and trendy as any foreign alternative.
To the hospitality industry: Innovate or stagnate
Our hotels and high-end restaurants must lead the charge. They must stop relegating local dishes to the “traditional corner” of the buffet, and apply the same culinary finesse given to imported dishes to our Fante Fante, apapransa, aborbi tadi, fetritoto, akple, abolo, yakayeke, fufu, ampesi, kokonte, wasawasa, tubani, apapransa, mpotompoto, kelewele, aliha, brukutu, pito, and other local dishes. The industry must enhance customer experiences making eating local dishes the ultimate luxury experience for both tourists and residents alike. We must elevate the presentation of our foods by using modern plating techniques to show that a bowl of light soup can be as visually stunning as a French consommé. We need to reclaim our Ghanaian plate before it is too late.
To the policy makers: Let us encourage buying of local ingredients to promote the local food industry and economy. There should be educational programmes and talks about the nutritional and cultural benefits of local foods so that people understand their value.
We need to encourage serving traditional dishes at school programmes, parties, and celebrations instead of only fast foods,
To the Youth: Let us value and appreciate our traditional dishes instead of always choosing foreign foods. There must be balance in our choice of local and foreign dishes. Confidence in our culture encourages others to respect it too. Our local dishes can also be promoted by sharing pictures, recipes, and videos on platforms such as Instagram, TikTok, and WhatsApp to make them attractive and trendy.
Young citizens must learn from their parents and elders how to prepare local meals to keep the knowledge and cultural relevance alive. Local dishes can be modernised to appeal to younger generations and tourists.
Conclusion
We cannot afford to trade our heritage for foreign cuisines which are gaining grounds across the country at an alarming rate. We must disabuse our minds of the perception that anything foreign or imported is better than those locally made. Our health, economy, and identity are tied to the soil. It is time to stop apologising for our local flavours and start celebrating them. It is possible to embrace modernity without losing ourselves and our cultural identity. Let us make the Ghanaian kitchen the heart of our modern identity once again.
By: Marilyn Gadogbe
