The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has justified the suspension of Ghana’s Gold-for-Oil programme.
He explained that the initiative was suspended due to operational challenges and the need to improve policy efficiency.
He stated this while he appeared before Parliament’s Public Accounts Committee on Monday, January 12, 2026.
Dr Asiama said the suspension has yielded positive results.
He noted that the operational challenges prompted the Bank of Ghana board to authorise an external audit of the programme.
“The first reference is to observe that since we cancelled the Gold-for-Oil in March 2025, we have not seen a build-up of queues at the pumps. One of the objectives of the policy was for that. So we believe that the cancellation was worth it.”
“The objective of Gold-for-Reserves, as the name suggests, is for us to increase reserves. Based on the data available so far, the evidence is clear that it is not a case of shutting it down but a question of enhancing its efficiency, looking at inefficiencies that we have to take out. That is why we went after GoldBod,” he said.
Ghana’s Gold-for-Oil programme, which was introduced by the previous government, was suspended in March 2025.
It was intended to reduce reliance on foreign exchange for fuel imports and help stabilise domestic fuel prices.
By: Rainbowradioonline.com/Ghana
