Gold-for-Oil couldn't even curb energy pricing, contributed to fuel shortages — Dr Riverson Oppong

The CEO of the Association of Oil Marketing Companies (AOMCs) and LPG Marketing Companies has voiced disappointment with the Gold-for-Oil (G4O) program, asserting that it failed to achieve its intended objective.

Dr. Riverson Oppong speaking in an interview on Joy TV said the initiative failed to stabilise energy prices and even contributed to fuel shortages towards the end of the year.

"In the long run, because we have seen how this was introduced, and also the fact that it absolutely didn't curb energy pricing in any way.

"But rather, in the latter days of the year, we saw energy, in terms of fuel shortage in the country, because the BDCs could not plan along with the Gold-for-Oil supply, and therefore we were reluctant in importing," he explained.

He further questioned whether the programme had achieved its primary goal of reducing fuel prices.

"In terms of the pricing, did Gold-for-Oil bring prices down as we anticipated? The answer is a big no.

"So we industry players are waiting to hear from the government on what it intends to bring on board to replace the existing framework, and I believe with dialogue we will be able to bring a better solution," he added.