President Nana Akufo-Addo highlighted the success of the Gold for Oil Programme during his State of the Nation Address (SONA) to Parliament. This innovative program has significantly reduced forex constraints on bulk energy storage, transportation, and imports, leading to more competitive prices for distribution and export companies.
Since its implementation in November 2022, the Gold for Oil policy has seen premiums drop from $180–200/MT to $70/MT or less. This reduction has translated into stabilized prices at the pumps ranging between GH¢12–13 per litre throughout 2023.
Furthermore, the program aimed to limit the demand for dollars for petroleum product imports to prevent currency devaluation. Ghana initially budgeted $400 million for petroleum imports, but with a $120 million contribution from the Central Bank, the country was able to manage its expenses efficiently.
President Akufo-Addo also addressed the issue of foreign nationals dominating well-paying jobs in the oil and gas sector due to a lack of qualified Ghanaian workers. The government is taking steps to remove barriers that hinder Ghanaians from fully participating in the industry.
In a bid to build human resource capacity, the President highlighted the training and certification of 150 young Ghanaians in various technical fields up to industry standards. Additionally, five young Ghanaians underwent a ten-month welding inspector program in Canada.
As a result of these efforts, Ghanaians are now being deployed as teachers in technical institutions and are set to fill high-paying roles in the oil fields with their newly acquired skills and expertise. The government is committed to nurturing a skilled workforce that can contribute effectively to the growth and development of the oil and gas sector.
