Dr. Johnson Asiama, the Governor of the Bank of Ghana, has suspended the Gold-for-Oil program due to unspecified policy and operational challenges.
In an interview with Bloomberg, Dr. Asiama mentioned that the program had incurred losses, prompting its suspension.
The Gold-for-Oil program was introduced by the previous administration to reduce reliance on foreign exchange for fuel imports and stabilize domestic fuel prices. However, Dr. Asiama has raised concerns about the program’s lack of transparency and its burden on the Central Bank.
Despite the suspension, Dr. Asiama assured stakeholders that the central bank remains committed to exploring alternative measures to ensure fuel price stability and sustainable economic management.
He emphasized the importance of improved monetary and fiscal policy coordination to ease price pressures.
Source:Mybrytfmonline.com
