The Chamber of Oil Marketing Companies (COMAC) has dismissed claims that the previous government's Gold-for-Oil (G4O) policy was the main reason for lower fuel prices in Ghana.

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According to COMAC, the drop in fuel prices was due to changes in global oil markets, not the G4O program.

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Ghana introduced the G4O policy in December 2022, with the first shipment arriving in January 2023. The plan aimed to stabilize fuel prices by using gold to buy petroleum products.

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However, COMAC argues that the policy covered only 10% of Ghana’s monthly fuel needs at the start and reached a peak of just 30%.

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The Chamber also noted that fuel prices in Ghana had already begun to fall before the first G4O shipment arrived. Between November 2022 and June 2023, crude oil prices dropped from $96.04 per barrel to $74.27.

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At the same time, petrol and diesel prices fell from GHS 16.57 and GHS 23 per liter to GHS 11.90 and GHS 11.96 per liter, respectively.

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Based on these trends, COMAC believes that G4O had only a small impact on price stability, with global oil supply and demand being the real driving forces behind the reductions.

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The Chamber also rejects claims that the policy significantly contributed to Ghana’s inflation rate falling from 54% in 2022 to 23.5% in 2025. It argues that, given the limited effect of G4O on fuel prices and its declining role in fuel imports, it is misleading to credit the policy for the drop in inflation.

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The Gold-for-Oil (G4O) policy was introduced by the New Patriotic Party (NPP) government in Ghana in December 2022 and implemented in January 2023. The policy aimed to use Ghana's gold reserves to import petroleum products, hoping to stabilize fuel prices, reduce pressure on foreign exchange reserves, and ensure a stable supply of petroleum products.

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Since its implementation, the policy has had mixed results. While some government officials claim it has helped reduce fuel premiums and inflation, the Chamber of Oil Marketing Companies (COMAC) argues that external market forces, such as the decline in global oil prices post-Russia-Ukraine war, were the primary drivers behind the price reductions.

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