The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has announced the suspension of the country's Gold-for-Oil programme due to unspecified policy and operational challenges.
The decision marks a significant shift in Ghana's economic strategy, as the initiative was originally designed to reduce reliance on foreign exchange for fuel imports and stabilise domestic fuel prices.
Speaking in an interview with Bloomberg, Dr Asiama disclosed that the programme had incurred financial losses, necessitating its temporary suspension. "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.
