Francis AsanteFrancis Asante, a finance lecturer in the US and leading member for strategic forum of Movement For Change, a pro Alan Kyeremanteng movement has criticized the Gold for Oil policy championed by Vice President Mahamudu Bawumia, asserting that it has failed to achieve its intended goals.
In an interview with Nana Yaw Asiamah on Dream FM on Thursday 5th June 2025, Mr. Asante said Dr. Bawumia had projected that the Bank of Ghana would generate an annual profit of $4.8 billion from the initiative; however, the central bank ultimately reported losses instead. Additionally, he noted that expectations of reduced fuel prices under the policy were unmet, as prices remained high throughout their administration.
Mr. Asante also recalled Bawumia’s claims that the implementation of the policy would lead to a significant appreciation of the Ghanaian Cedi, a prediction that has not come to fruition. He criticized the Vice President for placing undue reliance on the elasticity of the economy, stating that this approach has not aided the policy’s objectives.
In conclusion, Mr. Asante emphasized that the Gold for Oil policy has not contributed to strengthening the Cedi against the US dollar.
