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



The initiative, which was introduced to reduce reliance on foreign exchange for fuel imports and stabilize domestic fuel prices, has been temporarily put on hold as the Central Bank reassesses its economic strategies.



In an interview with Bloomberg, BoG Governor Dr. Johnson Asiama admitted the programme’s shortcomings.



“We have had to incur some losses on that, so we have put some suspension on the trade,” he stated.



While Dr. Asiama did not specify the exact challenges, the decision reflects a broader policy shift under the new administration.



Despite the suspension, the Governor remains optimistic about Ghana’s economic outlook, particularly the stability of the cedi, which experienced 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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BoG Suspends Gold-for-Oil Programme, Citing Policy Challenges

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AUTHOR: Perpetual Tweneboah Koduah

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