The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has praised the Governor of the Bank of Ghana, Dr Johnson Asiama, for suspending the Gold-for-Oil programme, describing the move as necessary and long overdue.
His comments follow the Bank of Ghana’s announcement on March 3, 2025, that the programme had been halted due to financial losses and operational challenges.
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The Gold-for-Oil initiative was introduced to reduce Ghana’s reliance on foreign exchange for fuel imports and stabilize domestic fuel prices. However, according to Amoah, the programme was unsustainable and ineffective in addressing fuel price fluctuations.
Speaking on Citi FM’s Eyewitness News, he stated that the suspension was expected but had likely been delayed due to administrative processes.
“It is not shocking or surprising. If anything, the suspension came a bit late, but we understand that certain administrative processes had to be followed,” Amoah said.
He further urged the government to avoid introducing another similar scheme to control fuel prices. Instead, he called for efforts to revamp Ghana’s refinery to reduce the country’s dependence on petroleum imports.
“The Gold-for-Oil programme was never going to be the solution to Ghana’s fuel price fluctuations. It was unsustainable and unsafe. Kudos to the new governor for suspending it, but I hope they don’t introduce another scheme. The real solution is to fix our refineries. That way, Ghanaians can rest assured that we are refining our petroleum products instead of relying on imports,” he emphasized.
Amoah also argued that rather than using Ghana’s gold reserves for oil procurement, the government should focus on strengthening the country’s currency through strategic economic policies.
