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Bank of Ghana puts Gold For Oil programme on hold
The Bank of Ghana (BoG) has declared that the Gold-for-Oil programme, has been suspended citing policy and operational challenges responsible for financial losses.
The programme introduced by the Akufo-Addo administration was designed to reduce dependence on foreign exchange for fuel imports and stabilize domestic fuel prices
The Governor of the Bank of Ghana, Dr. Johnson Asiama who is leading the bank as it reviews its financial strategies in an interview with Bloomberg said: “We have had to incur some losses on that, so we have put some suspension on the trade.”
He was upbeat about Ghana’s economic prospects, especially the stability of the cedi, which saw a great deal of volatility last year, even though the program has been suspended.
