Suspension of Gold for Oil programme is premature – Provencal

Dr. Edwin Provencal, former MD of BOST, has criticized the Bank of Ghana's suspension of the Gold-for-Oil (G4O) programme as premature. He argues that G4O was an innovative policy that stabilized fuel supply, eased inflation, and supported the cedi.

Despite the BoG Governor, Dr. Johnson Asiama, citing financial losses as a reason for the suspension, Provencal highlights that inflation dropped from 54% to the 20s, the exchange rate steadied, and the current account moved into surplus during G4O's operation.

He believes the programme, with improvements, could enhance economic resilience. While Ghana now relies on traditional economic strategies, the long-term impact of the suspension remains uncertain.