SONA 2024: Akufo-Addo lauds success of 'Gold for Oil' initiative

President Nana Addo Dankwa Akufo-Addo commended the achievements of the "Gold for Oil Programme" during the State of the Nation Address.

The President stated that the initiative effectively alleviated forex pressures on entities involved in bulk energy storage, transportation, imports, distribution, and exports, leading to more competitive premiums with suppliers.

He highlighted that premiums dropped significantly from $180 to $2000 per metric tonne to $70 or less, resulting in stabilized fuel prices at the pumps, maintained at GH¢12-13 per litre throughout 2023.

“This also led to reduced and stabilized prices at the pumps ranging between twelve to thirteen cedis (GH¢12-13) per litre for the entire 2023,” he affirmed.

Akufo-Addo acknowledged the obstacles hindering full Ghanaian participation in the oil and gas sector, emphasizing that well-paid positions were historically held by foreign nationals due to a lack of qualified local talent.

“For years, lucrative jobs in the industry were exclusively occupied by foreigners because we lacked qualified individuals in those fields,” he noted.

To tackle this challenge, he revealed that approximately 150 Ghanaians received training and certification as technicians to industry standards. Additionally, five young Ghanaians completed a ten-month welding inspector training program in Canada, equipping them for vital technical roles in Ghana's oil fields.

Akufo-Addo expressed confidence in the future, envisioning Ghanaians assuming well-paid positions in the oil sector due to the presence of trained personnel.

“Ghanaians will soon fill the well-paid positions in our oil fields because we have trained and qualified personnel. The prospects are promising,” he concluded.