Steven Opata, the central bank’s head of financial markets, said that the government’s approach had improved competition among dealers of refined petroleum products, which had reduced pump prices between December of last year and March of this year.
He credited the initiative, under which about four cargoes have so far been delivered, with the decrease in diesel costs from above GH24 per litre in December 2022 to just around GH13 per litre as of the end of March.
The G4Oil scheme, which was started in January, uses locally acquired gold to buy petroleum in an effort to avoid the strain on foreign currency that using cash puts on the cedi fuel costs.
