The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has announced the suspension of the country’s Gold-for-Oil program due to policy and operational challenges. He explained that the initiative had incurred some losses, making it necessary to halt the trade. The program, introduced under the Akufo-Addo administration, was designed to reduce reliance on foreign exchange for fuel imports and stabilize domestic fuel prices.
Despite the suspension, Dr. Asiama expressed optimism about the stability of the cedi, saying the central bank would maintain an appropriate monetary policy stance. He added that, along with the government’s commitment to fiscal discipline under President John Mahama’s administration, these efforts should help stabilize the foreign exchange markets. He further assured stakeholders that the central bank remains committed to exploring alternative measures to ensure fuel price stability and sustainable economic management.