The Bank of Ghana (BoG) has announced a temporary suspension of the Gold-for-Oil programme, citing financial losses and operational challenges.
The initiative, which was introduced to reduce reliance on foreign exchange for fuel imports and stabilise domestic fuel prices, has been put on hold as the Central Bank reassesses its economic strategies.
BoG Governor, Dr. Johnson Asiamah, confirmed the decision in an interview with Bloomberg, acknowledging the difficulties the programme has encountered.
“We have had to incur some losses on that, so we have put some suspension on the trade,” he stated.
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Dr. Asiamah further assured that the Central Bank remains committed to maintaining economic stability through appropriate monetary policies.
“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 said.
The Gold-for-Oil programme was launched as a strategic intervention to ease pressure on the country’s foreign exchange reserves and ensure a steady supply of petroleum products.
However, challenges in its implementation and concerns over financial sustainability have led to a reassessment of the policy.
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