The Member of Parliament for Gushegu Constituency and former Deputy Minister for Transport, Hassan Tampuli, has attributed the stability of petroleum prices in Ghana to the Gold for Oil policy introduced by the previous Nana Akufo-Addo and Dr. Mahamudu Bawumia administration.
Reduction in fuel prices since 2022
Speaking during the 2025 budget debate in Parliament, Mr. Tampuli argued that the initiative played a critical role in reducing fuel costs for Ghanaians.
He noted that before the policy’s implementation in 2022, fuel prices had surged to GH₵23 per litre, significantly impacting consumers.
However, the Gold for Oil programme has since contributed to a notable reduction in prices, with petroleum products currently retailing between GH₵13 and GH₵14 per litre, depending on the product.
Stabilizing petroleum product prices
“The Gold for Oil programme has been one of the main reasons why we still have this stability in the price of petroleum products. At some point in 2022, Mr. Speaker, prices had gone up to GH₵23 per litre, and by the singular intervention of Gold for Oil, we have seen a remarkable drop in the prices all the way to GH₵13, and currently, we are hovering around GH₵13 and GH₵14, depending on the product you are buying,” he stated.
Call for recognition of the policy’s success
Mr. Tampuli urged the current National Democratic Congress (NDC) government to acknowledge the positive impact of the Gold for Oil policy.
He emphasized that the initiative, introduced by the previous administration, continues to provide relief to Ghanaians and should be recognized as a beneficial measure in maintaining petroleum price stability.
