BoG Suspends Gold-for-Oil Programme

The Bank of Ghana (BoG) has announced the suspension of the Gold-for-Oil programme, citing policy and operational challenges that have led to financial losses.

The initiative, designed to reduce reliance on foreign exchange for fuel imports and stabilise domestic fuel prices, has been temporarily halted as the Central Bank reassesses its economic strategies.

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

While Dr. Asiama did not elaborate on the specific challenges, the decision aligns with a broader policy shift under the new administration.

Despite the programme’s suspension, he remains optimistic about Ghana’s economic outlook, particularly the stability of the cedi, which faced significant volatility last year.

“We intend to maintain an appropriate monetary policy stance. Together with commitments to fiscal discipline under the administration of President John Mahama, this should help us maintain stability in the foreign exchange markets,” he assured.

 

 

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