BoG halts the Gold-for-Oil programme, citing financial strain and policy challenges, as Governor Dr. Asiama reassures Ghanaians of economic stability and prudent monetary measures
Governor of the Bank of Ghana (BoG), Johnson Asiama has halted the Gold-for-Oil program due to policy and operational challenges. The initiative, aimed at reducing foreign exchange dependence for fuel imports, faced financial losses, prompting its temporary halt.
Governor Dr. Johnson Asiama, speaking with Bloomberg, acknowledged the programs financial strain but expressed confidence in Ghana’s economic future.
“We have had to incur some losses on that, so we have put some suspension on the trade,” he stated. While he did not elaborate on the specific challenges faced, the suspension reflects broader economic adjustments under the new administration.
He assured that the central bank would maintain prudent monetary policies to stabilise the cedi and ensure 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,”
Despite the suspension, BoG is exploring alternative strategies to sustain fuel price stability.
Dr. Asiama reaffirmed the bank’s commitment to effective economic management while addressing the challenges that led to this decision.
