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Vice president says government has taken delivery of the first 40,000 metric tonnes of oil from its partners under the gold for oil policy agreement.
Dr. Mahamudu Bawumia who defended the gold for oil agreement says, the arrangement will help address the continues depreciation of the cedi against major trading currencies.
He was speaking at the 74th annual new year school of the University of Ghana.
According to the vice president the gold for oil agreement was a policy to set the economy on sound footing.
He explained, the gold for oil policy will help shore up the strength of the cedi against the major trading currencies.
With the current economic conditions, experts have emphasized the need for a stronger policy direction to deal with it.
An entrepreneur and a businessman Daniel Mackorley said, for Ghana to develop government should ensure businesses in the country are not controlled by foreigners.
The 74th new year school was on the theme positioning the African Market for sustainable economic development through African continental free trade area.
By uniquenewsgh.com
