COPEC Welcomes Suspension of 'Unsustainable' Gold-for-Oil Programme
Accra, Ghana - 04 March, 2025 - Ghana's economic strategy has taken a significant turn with the suspension of the Gold-for-Oil programme, a move welcomed by Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC).
The programme, initially designed to stabilize fuel prices and reduce reliance on foreign exchange, has been put on hold due to financial losses and operational challenges.
According to Amoah, the suspension is a welcome move, but long overdue. Amoah emphasized that the programme was never a viable solution to Ghana's fuel price fluctuations, and instead advocated for revamping the country's refinery to reduce reliance on petroleum imports.
“It is not shocking or surprising. If anything, the suspension came a bit late, but we understand that certain administrative processes had to be followed.
“The Gold-for-Oil programme was never going to be the solution to Ghana’s fuel price fluctuations. It was unsustainable and unsafe. Kudos to the new governor for suspending it, but I hope they don’t introduce another scheme. The real solution is to fix our refineries. That way, Ghanaians can rest assured that we are refining our petroleum products instead of relying on imports,'' he told 'Eyewitness News' on Citi FM
Source: Lead News Online
