Dr. Johnson Asiama has declared that the nation’s Gold-for-Oil program will be suspended.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

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.

Source: newsthemegh.com