BoG Governor defends suspension of Gold-for-Oil programme

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has explained and defended the decision to suspend Ghana’s Gold-for-Oil programme, citing operational difficulties and the need to improve the policy’s overall effectiveness.

The programme, which was halted in March 2025, had been introduced by the previous administration as a measure to reduce dependence on foreign exchange for fuel imports and stabilise domestic fuel prices.

Appearing before Parliament’s Public Accounts Committee on Monday, Dr. Asiama said the decision to suspend the initiative has yielded positive results so far.

“Since the cancellation of the Gold-for-Oil programme in March 2025, we have not witnessed fuel shortages or long queues at filling stations, which was one of the key objectives of the policy. From that perspective, we believe the decision was justified,” he stated.

He further revealed that concerns over how the programme was being run led the BoG board to approve an external audit to assess its operations.

“There were several issues surrounding the Gold-for-Oil programme that required deeper examination. As a result, the board authorised an external audit. Approval was obtained from the Public Procurement Authority about two months ago, and the audit process is currently ongoing,” Dr. Asiama explained.

The BoG Governor stressed that the suspension should not be interpreted as a complete abandonment of the initiative, but rather as a step toward improving its efficiency.

“Gold-for-Reserves, as the policy suggests, is meant to help build our reserves. Based on available data, this is not about shutting the programme down entirely, but about addressing inefficiencies and strengthening its implementation. That is why we turned our attention to GoldBod,” he added.

According to Dr. Asiama, the ultimate goal remains to refine the policy to better serve Ghana’s economic interests and ensure value for money.