ADVERTISEMENT
  • Home
  • News
  • Showbiz
  • Sports
  • World
YawaNews
  • Home
  • News
  • Showbiz
  • Sports
  • World
No Result
View All Result
  • Home
  • News
  • Showbiz
  • Sports
  • World
No Result
View All Result
YawaNews
No Result
View All Result
Home News

Bawumia is a kitchen economist – US financial guru jabs

October 28, 2024
in News
No delays in allawa payments if I become President – Bawumia

Vice-Presiident-Bawumia-1

0
SHARES
Share on FacebookShare on Twitter

A USA financial analyst, Scott Bolshevik, has described Ghana’s Vice President, Dr. Mahamudu Bawumia as a kitchen economist.

ADVERTISEMENT

His criticism comes after the Ghana cedi depreciated by 55% in a matter of two years after Dr. Bawumia, the head of the economic management team proudly introduced the Gold for Oil policy which was supposed to salvage the country’s economy.

The Gold for Oil policy is an initiative launched by the government to address Ghana’s depleting foreign currency reserves and the high demand for dollars by oil importers, which was exerting downward pressure on the Cedi and driving up living costs.

RelatedPosts

Kofi Jumah will soon take his medication in jail – Mustapha Gbande

Wontumi vows not to retaliate against NDC over EOCO treatment

GH¢1 levy to pay for liquid fuel – Energy Minister

In a post on X, Scott Bolshevik said, “In November 2022, Bawumia proudly introduced the “Gold for Oil” policy, which launched in January 2023, when the exchange rate was 10.6. Now, the rate has climbed to 16.5 that’s 55% depreciation in two years If he’s not a kitchen economist, I’m not sure where he fits.”

The Gold for Oil policy, as explained by the government, is to allow the government to pay for imported oil products with gold, in a direct barter with gold purchased by the Central Bank.

According to the government’s G40 Programme Framework dated February 3, 2023, which explains the policy, payment for the oil supply is done in two channels; barter trade or via forex obtained from selling gold to a broker.

Under the barter channel, suppliers willing to take gold in direct exchange for petroleum products will be provided with the equivalent volume of gold by the Bank of Ghana (BoG).

Under the Broker Channel, the BoG executes a gold supply agreement under which it sells gold to a gold broker, which provides forex cover to pay for petroleum products.

 

In November 2022, Bawumia proudly introduced the “Gold for Oil” policy, which launched in January 2023, when the exchange rate was 10.6. Now, the rate has climbed to 16.5 that’s 55% depreciation in two years

If he’s not a kitchen economist, I’m not sure where he fits. pic.twitter.com/KswU63jCkO

— Scott (@scottbolshevik) October 27, 2024

Tags: Dr. Mahamudu BawumiaeconomistGold for OilInflationScott Bolshevik
ShareTweetPin
Previous Post

Netizen calls for psychiatric care for NPP running mate

Next Post

Cynthia Morrison speaks after assassination attempt on her life

Next Post
Cynthia Morrison challenges court decision, injuncting her from contesting parliamentary seat

Cynthia Morrison speaks after assassination attempt on her life

Recent Posts

  • Kofi Jumah will soon take his medication in jail – Mustapha Gbande
  • Wontumi vows not to retaliate against NDC over EOCO treatment
  • GH¢1 levy to pay for liquid fuel – Energy Minister
  • “We will park our vehicles on June 10” – GPRTU threatens nationwide strike over GH¢1 fuel levy
  • Mahama gov’t betrayed us with fuel levy after 15% fare cut – GPRTU

Recent Comments

No comments to show.
  • Email: YawaNewsgh@gmail.com
  • Contact Us
  • About Us
  • Privacy Policy
  • SiteMap
WhatsApp ONLY : +233 20 241 7018

© 2024 YawaNews

No Result
View All Result
  • Home
  • News
  • Showbiz
  • Sports
  • World

© 2024 YawaNews