Dr. Kofi Amoah, a well-known economist and businessman, has claimed that the government will though the Bank of Ghana to print additional money in order to support its Gold-for-Oil agenda.In a tweet shared on Friday, February 3, 2023, Dr Amoah said that the government has no savings to purchase the gold for this policy and thus will resort to printing more money.

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He said that the printing of money will fuel inflation which will further heighten the hardship ordinary Ghanaians are facing.He added that Ghanaians who can afford to leave the country should do so before it collapses totally.“The NPP has stepped into the Capitalistic Culture they’ve no clue of.

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Pls get out whilst you can b4 Ghana drowns completely“Govt n BOG have no money saved so they’ll print new money to buy the gold for the barter which will fuel inflation n Cedi depreciation,” parts of the tweet read.The economist made these remarks while reacting to an article by GhanaWeb on the government's Gold-for-Oil policy.

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Vice President Mahamudu Bawumia, in November 2022, announced the government’s plan to undertake the gold-for-oil initiative. The deal was hinged on buying oil products with Ghana’s gold instead of the US dollar.Dr Bawumia, in a post shared on Facebook, explained that the usage of gold to purchase oil would address Ghana’s dwindling foreign reserves as well as reduce demand for US dollars by oil importers.

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“It will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency,” the vice president earlier wrote.Under the policy, the government believes that using gold to purchase oil products would also bring stability to the exchange rate market and ensure domestic oil operators do not solely depend on foreign exchange to import products.

the tweet

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below:The NPP has stepped into the Capitalistic Culture they’ve no clue ofPls get out whilst you can b4 Ghana drowns completelyGovt n BOG have no money saved so they’ll print new money to buy the gold for the barter which will fuel inflation n Cedi depreciationPLS STOP IT… wae? pic.twitter.com/3SOOJBaurW

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