The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama has announced the temporary suspension of the Gold-for-Oil programme, citing unspecified operational and policy challenges.
The initiative, designed to reduce Ghana’s dependence on foreign exchange for fuel imports and stabilize local fuel prices, has been paused due to financial losses incurred during its implementation.
In an interview with Bloomberg, Dr. Asiama acknowledged the financial setbacks and confirmed that the trade had been suspended as a result.
Although he did not go into detail about the specific challenges faced, the move reflects a broader reevaluation of economic policies under the current administration.
Despite the suspension, Dr. Asiama remained optimistic about Ghana’s economic prospects, particularly regarding the stability of the cedi after last year’s fluctuations.
He reaffirmed the BoG’s commitment to maintaining a sound monetary policy in support of fiscal discipline, signaling a shift in economic strategy as the central bank explores alternative ways to stabilize fuel prices.
