The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah has praised Dr. Johnson Asiama, the Governor of the Bank of Ghana, for suspending the Gold-for-Oil programme.
Amoah’s remarks followed the Bank of Ghana’s announcement on March 3, 2025, regarding the suspension of the programme due to financial losses and operational difficulties.
He stated that the initiative, which aimed to reduce Ghana’s reliance on foreign exchange for fuel imports and stabilize domestic fuel prices, was neither sustainable nor a practical solution to addressing fluctuations in fuel prices.
In an interview, Mr. Amoah expressed that he was neither surprised nor shocked by the decision, suggesting that the suspension had been overdue, though it was likely delayed due to administrative factors.
The COPEC Executive Secretary further urged the government to refrain from launching another similar initiative to control fuel prices. Instead, he emphasized the importance of revitalizing Ghana’s refinery to decrease the country’s dependence on imported petroleum.
Mr. Amoah also pointed out that rather than using the nation’s gold reserves for oil procurement, the government should have prioritized strengthening the country’s currency through more strategic economic measures.