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The Bank of Ghana (BoG) has announced the suspension of its Gold-for-Oil (G4O) programme, citing policy and operational challenges that have resulted in financial losses.
The programme, launched to reduce dependence on foreign exchange for fuel imports and stabilize domestic fuel prices, has been temporarily halted as the Central Bank reassesses its economic strategies.
In an interview with Bloomberg, BoG Governor Dr. Johnson Asiama admitted the programme had encountered significant financial setbacks, stating:
“We have had to incur some losses on that, so we have put some suspension on the trade.”
While Dr. Asiama did not disclose specific challenges, the decision appears to reflect a broader policy shift under President John Mahama’s administration.
Despite the programme’s suspension, Dr. Asiama remains optimistic about Ghana’s economic outlook, particularly regarding the stability of the cedi, which experienced significant volatility last year.
He assured that monetary policies and fiscal discipline measures under the new administration will help maintain stability in the foreign exchange markets.
