Ghana’s Central Bank, Bank of Ghana (BoG), has suspended the Gold-for-Oil programme due to policy and operational challenges that resulted in financial losses.
The programme, introduced by the previous administration, aimed to reduce the country’s reliance on foreign exchange for fuel imports and stabilize domestic fuel prices.
According to BoG Governor Dr. Johnson Asiama, the programme’s suspension was necessary due to the incurred losses.
In an interview with Bloomberg, Dr. Asiama stated, “We have had to incur some losses on that, so we have put some suspension on the trade.”
Although Dr. Asiama didn’t elaborate on the specific challenges, the decision aligns with the new administration’s broader policy shift.
Despite the programme’s suspension, Dr. Asiama remains optimistic about Ghana’s economic outlook, particularly regarding the stability of the cedi.
The BoG intends to maintain an appropriate monetary policy stance and commit to fiscal discipline under President John Mahama’s administration to ensure stability in the foreign exchange markets.
“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.
Source: https://energynewsafrica.com
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