BoG Governor suspends Gold-for-Oil programme

The Bank of Ghana (BoG) has temporarily halted the Gold-for-Oil programme due to unspecified policy and operational setbacks.

The initiative, introduced to ease foreign exchange pressure and stabilize fuel prices, has reportedly incurred financial losses, prompting a reassessment.

Governor Dr. Johnson Asiama, in an interview with Bloomberg, confirmed the suspension, stating, “We have had to incur some losses on that, so we have put some suspension on the trade.”

Despite this shift, Dr. Asiama remains optimistic about Ghana’s economic stability, emphasizing a firm monetary policy under President John Mahama’s administration.

He assured that fiscal discipline and strategic economic adjustments would help maintain foreign exchange stability while alternative measures to sustain fuel price control are explored.