Vice President Dr Mahamudu Bawumia says the country will save $4.8 billion annually from the ‘Gold for Oil’ policy which began this year.

According to him, the ‘Gold for Oil’ policy which is now in its third month is already yielding a positive impact and is expected to cause a reduction in prices of petroleum products at the pumps from March 16, 2023.

Dr Bawumia who was speaking at the commissioning of a new head office for the Bulk Oil Storage and Transportation Company in Accra said the country will make an annual savings of $4.8 billion to accelerate economic development .

”The savings in foreign exchange when we do this will be an annual savings of $4.8 billion every year and that means the oil importing companies will not be going to the Bank of Ghana looking for $4.8 billion to buy oil”, he said.

BOST is mandated to build a strategic reserve of stocks of petroleum products to meet a minimum of six weeks of national consumption from the Gold for Oil policy.

The Vice President 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.

He added that the government’s aim is to reduce the import of oil from 50% this year.

Ghana has received two consignments under the Gold for Oil policy which began this year.