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The Bank of Ghana (BoG) has suspended the Gold-for-Oil initiative, citing operational and policy challenges that resulted in financial losses.
The program, designed to stabilize domestic fuel prices and reduce reliance on foreign exchange for fuel imports, has been temporarily halted as the Central Bank reassesses its economic strategies.
In an interview with Bloomberg, BoG Governor Dr. Johnson Asiama confirmed the suspension, 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 aligns with broader policy adjustments under the new administration.
Despite the suspension, he remains optimistic about Ghana’s economic outlook, particularly the stability of the cedi, which experienced significant volatility last year.
“We intend to maintain an appropriate monetary policy stance. Combined with fiscal discipline under President John Mahama’s administration, this should help us sustain stability in the foreign exchange markets,” he assured.
Source:Omanghana.com
