- BoG Suspends Gold-for-Oil Programme due to financial losses and challenges
- Governor Optimistic about Ghana’s economic stability and cedi outlook
- Governor Optimistic about Ghana’s economic stability and cedi outlook
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has announced the suspension of the country’s Gold-for-Oil programme due to unspecified operational and policy issues.
This decision marks a significant change in Ghana’s economic strategy, as the programme was initially launched to reduce the country’s reliance on foreign exchange for fuel imports and help stabilize domestic fuel prices.
In an interview with Bloomberg, Dr. Asiama explained that the programme had resulted in financial losses, prompting the need for its temporary suspension. “We have had to incur some losses on that, so we have put a suspension on the trade,” he stated. Although he did not provide further details on the challenges, the suspension is part of broader economic adjustments under the current administration.
Despite this setback, Dr. Asiama remained optimistic about Ghana’s economic future, particularly in terms of the cedi’s stability after a turbulent period last year.
He reassured that the central bank would continue to implement a cautious monetary policy to maintain fiscal discipline. “We intend to maintain an appropriate monetary policy stance. Together with our commitment to fiscal discipline under President John Mahama’s administration, this should help ensure stability in the foreign exchange markets,” he added.
The suspension of the Gold-for-Oil programme signals a reevaluation of economic policies, with the BoG now considering alternative measures to maintain fuel price stability.
Dr. Asiama reaffirmed the central bank’s commitment to sound economic management while addressing the issues that led to the programme’s suspension.
