By:Kenneth Appiah Bani.
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has announced the suspension of the country’s Gold-for-Oil program, citing policy and operational challenges.
In an interview with Bloomberg on Friday, February 28, 2025, Dr. Asiama disclosed that the decision was influenced by financial losses incurred through the initiative.
“We have had to incur some losses on that, so we have put some suspension on the trade,” he stated.
Despite this setback, he expressed confidence in the stability of the Ghanaian cedi, following last year’s volatility. He emphasized that maintaining a sound monetary policy, coupled with fiscal discipline under President John Mahama’s administration, would support foreign exchange market stability.
The Gold-for-Oil program was initially introduced under the Akufo-Addo administration to reduce dependence on foreign exchange for fuel imports and stabilize domestic fuel prices. However, the suspension raises concerns about its long-term sustainability.
Dr. Asiama assured stakeholders that the central bank remains committed to exploring alternative strategies to ensure fuel price stability and effective economic management.
