Bank of Ghana Suspends Gold-for-Oil Programme Amid Financial Losses

Accra, Ghana - 03 March, 2025 -  In a surprise move, the Bank of Ghana(BoG) has suspended its Gold-for-Oil programme due to significant financial losses.

The programme, aimed at weaning Ghana off foreign exchange for fuel imports and steadying local fuel prices, has been paused for a strategic rethink by the Central Bank.

According to BoG Governor Dr. Johnson Asiama, the programme's suspension is a necessary step to mitigate further financial losses. While Dr. Asiama did not elaborate on the specific challenges, the decision is seen as part of a broader policy shift under the new administration.

“We have had to incur some losses on that, so we have put some suspension on the trade,'' Dr. Asiamah told Bloomberg in an interview.

Despite this setback, Dr. Asiama is optimistic about Ghana's economic outlook. He assured that the Central Bank would maintain a prudent monetary policy to support fiscal discipline.

“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.

Source: Lead News Online