The Bank of Ghana (BoG) has suspended the Gold-for-Oil programme due to policy and operational challenges that have resulted in financial losses.

The initiative, introduced to reduce reliance on foreign exchange for fuel imports and stabilize fuel prices, is on hold as the Central Bank reviews its economic strategy.

In an interview with Bloomberg, BoG Governor Dr. Johnson Asiama acknowledged the challenges, stating, “We have had to incur some losses on that, so we have put some suspension on the trade.”

However, he did not specify the exact issues leading to the decision. Dr. Asiama remains optimistic about Ghana’s economic trajectory, highlighting improvements in the stability of the cedi following last year’s fluctuations.

“We intend to maintain an appropriate monetary policy stance. Together with commitments to fiscal discipline under the administration of President John Mahama, this should help us maintain stability in the foreign exchange markets,” he assured.