Gold4Oil policy still an option, shouldn’t be cancelled – BoG Governor

The Bank of Ghana (BoG) has reaffirmed its support for the government’s Gold4Oil policy, asserting its importance for the nation despite its limitations.

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Ernest Addison, appearing before the Public Accounts Committee (PAC) on Monday, April 8, elucidated the crucial role the policy played during the economic crisis.

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Addison highlighted the benefits the Gold4Oil policy has brought since its inception in 2022, pointing out a decrease in oil prices compared to those in 2022.

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He suggested that the government could continue to depend on the policy should oil prices rise at the pumps, opposing any potential discontinuation.

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“This is an intervention which was very critical in the heat of the crisis, yes the foreign exchange market is functioning better than it was in 2022.

Oil prices have come down much better than they were in 2022.

The situation is much better now than it was in 2022 when the Gold4Oil policy was introduced.

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