Gold for oil policy a step in the right direction - Kwesi Pratt

Veteran Journalist, Kwesi Pratt Junior, has commended the Gold for Oil barter government policy announced by the vice president, Dr Mahamudu Bawumia.

The Vice President, last week, took to his Facebook page to announce the policy, which will see Ghana pay for imported oil products with the country's gold, rather its reserved US Dollars, in a move which the Vice President, noted, will help address the depreciation of the Cedi and also impact positively on prices of fuel, as well as on the cost of living.

The innovative policy has been hailed by many, and Pratt has joined the fray, describing the move as very positive.

Speaking on Peace FM's Morning Show, Kokrokooo, Kwesi Pratt said, from Vice President Bawumia's analysis, he agrees that the policy will significantly help the country.

"For me, this policy will help us a lot because, according to the Vice President, when we use the gold to buy oil, we will get at least 3 billion. This is even more than the money we are seeking from IMF," he told host Kwami Sefa Kayi.

"Gold abounds in this country and you can get it anywhere. Even in Bolga, you can get gold. In the Eastern Region, for instance, there is plenty gold so what have we been waiting for?"

"Other countries who don't have as much gold as we have are using their gold to strengthen their local currency so it is a good move we have embarked on," he added.

Some people have misinterpreted the policy to mean a policy of de-dollarisation - a claim the Vice President has explained is not the case, stressing that the policy will rather build up Ghana's Dollar reserves since the government would not have to deplete its reserved dollars to pay for imported oil.

However, Pratt is of the view that Government should have no reservations whatsoever about the Gold for Oil policy because it is a good policy that is in the interest of our country.

'It is a good policy so why should we worry or even apologise for doing the right thing?"

"There is no need for us to worry about what others will say so far as the policy is a good one and in our nation's interest. I am happy about it because it will help, said Kwesi Pratt.