Vice President Dr Mahamudu Bawumia has announced the negotiation of a landmark new policy which would see the government of Ghana purchase imported oil products with gold rather than foreign exchange.
Dr Bawumia announced the policy shift, which is expected to take effect by the end of the first quarter of 2023, as a move to combat the rampant depreciation of the cedi.
According to him, using Ghana’s mined gold to purchase imported oil rather our dollar reserves will help stabilise the rampant cedi depreciation and its attendant increase in fuel, electricity, water and transport prices.
Bawumia wrote in a post on Facebook: “The demand for foreign exchange by oil importers in the face of dwindling foreign exchange reserves results in the depreciation of the cedi and increases in the cost of living with higher prices for fuel, transportation, utilities, etc. To address this challenge, Government is negotiating a new policy regime where our gold (rather than our US dollar reserves) will be used to buy oil products. The barter of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since independence,”
The Vice President continued: “If we implement it as envisioned, it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices. This is because the exchange rate (spot or forward) will no longer directly enter the formula for the determination of fuel or utility prices since all the domestic sellers of fuel will no longer need foreign exchange to import oil products.
“The barter of gold for oil represents a major structural change. My thanks to the Ministers for Lands and Natural Resources, Energy, and Finance, Precious Minerals Marketing Company, and the Governor of the Bank of Ghana for their supportive work on this new policy.
“We expect this new framework to be fully operational by the end of the first quarter of 2023. God bless our homeland Ghana.”
Maradona Would Be ‘Super Happy’ I Broke His Record – Lionel Messi
Diego Maradona was Argentina’s most used player at World Cups for a long time, but that honour now belongs to Lionel Messi.
Lionel Messi says Diego Maradona would be “super happy” after he overtook the late Argentina great as his country’s most capped player at a World Cup.
Paris Saint-Germain superstar Messi played a full part in Wednesday’s 2-0 win over Poland that secured Argentina top spot in Group C and a last-16 tie with Australia.
Messi, who had a penalty saved by Wojciech Szczesny with the game level, was making his 22nd appearance in the competition – one more than his former coach Maradona.
“I only learned about this record recently,” Messi said when told about his latest achievement. “It’s a pleasure to be able to continue achieving these kinds of records.
“I think Diego would be super happy for me because he’s always showed me a lot of affection. He was always happy when things went well for me.”
Messi could yet take another record from Maradona, as the 63 chances he has created at World Cups in recorded history is second only to his compatriot, who created 67.
The 35-year-old’s blank against Poland came on the back of netting in the shock 2-1 loss to Saudi Arabia and 2-0 win over Mexico in Argentina’s opening two games in Qatar.
The seven shots he amassed against Poland is his highest tally without scoring in a match for Argentina since a 1-1 draw with Iceland at the 2018 World Cup (11).
Second-half goals from Alexis Mac Allister and Julian Alvarez ensured Argentina secured the win they needed, though, and they are now strong favourites to overcome Australia.
“After the first goal, everything went our way,” said Messi, who was part of the Argentina squad that finished runners-up to Germany at the 2014 World Cup.
“We started doing again what we had been trying to do since the start of the World Cup, but which we hadn’t been able to achieve for various reasons.
“Having been able to do it today, it gives us confidence for the future.”
Messi will be looking to score in the knockout stages of the World Cup for the first time on Saturday, with all eight of his previous goals coming in the group stage.
He has had 23 efforts without finding the net beyond the first round, though he did assist in the last 16 in each of the 2010, 2014 and 2018 editions.
List of NPP MPs Chilling At Qatar World Cup While 2023 Budget Is Being Considered
The Minority Caucus in Parliament on Tuesday raised concerns about the non-attendance to the House of members on the Majority side of the House.
The concern was anchored on the premise that the debate on the 2023 budget as presented by the Minister of Finance Ken Ofori-Atta was expected to start with a race to pass the Appropriation Bill in time.
Though no official reason was given for the mass absence of the Majority members, GhanaWeb checks show that some of the Majority Members of Parliament (MPs) were out of the jurisdiction.
At least three of them were spotted in Qatar where the 2022 FIFA World Cup is ongoing.
One of the MPs who has been in Qatar for the past two weeks is Mustapha Ussif of Yagaba-Kubori, who doubles as Minister of Youth and Sports.
He has been with the team through their training cap in Dubai through to their arrival in Doha for the games. He was among the delegation that received President Nana Addo Dankwa Akufo-Addo when he met the team before their match against Portugal.
Minister of Communications and Digitalisation who doubles as the Member of Parliament for Ablekuma West Constituency, Ursula Owusu-Ekuful was also spotted in Qatar according to social media posts.
On Wednesday, November 30, Ursula took to her Facebook page to share a ‘unique’ photo of herself and former Dutch footballer, Patrick Stephan Kluivert.
She captioned the photo: “With Patrick Kluivert; for those old enough to remember this legendary footballer from the Netherlands!! Loving the atmosphere in Qatar!!”
Minister of Energy and Manhyia South MP, Matthew Opoku Prempeh is also in Qatar cheering on the Black Stars.
He spoke in a recent interview with Metro TV reporters after the Black Stars defeated South Korea by 3 – 2 at the Education City Stadium on Monday.
Patrick Yaw Boamah, Okaikwei Central MP is also in Qatar, where he has been sharing photos of himself on the streets and at the stadium supporting Otto Addo and his charges.
Tornado Rejoices Over Afia Schwar’s Jail Sentence By Court
Controversial socialite King Nana Tornado has reacted to the court’s judgment on Afia Schwar and the other contemnors.
Reports came in a few minutes ago that a High Court “B” in Tema has given a final judgment over the case between Afia Schwar and Chairman Wontumi.
On the 14th of July, 2021, Bernard Antwi Boasiako, known as Chairman Wontumi, dragged Nana Ama McBrown, Afia Schwarzenegger, and four others before the court for contempt.
The others are United Television (UTV) Ghana, Felicity Ama Agyeman (Empress Nana Ama McBrown), Kwame Asare Obeng (Kwame A Plus), Dr. Fadda Dickson Narh, and Emmanuel Barnes (Mr. Logic).
This suit follows after Afia Schwar stated on the entertainment show on UTV that Chairman Wontumi slept with her and also used unprintable words against him.
The High court has, however, fined the contemnors a fine of GHc5,000 while Afia Schwar was fine GHc60,000 with a 10-day jail term.
Nana Tornado, the former friend of the comedian has taken to his page to express his joy over the judgment from the court. He promised to visit Afia Schwar in prison when she is finally arrested.
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