Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has praised Bank of Ghana Governor Dr. Johnson Asiama for suspending the Gold-for-Oil programme. The suspension, announced on March 3, 2025, follows reported financial losses and operational challenges associated with the initiative.
Amoah, in an interview on Citi FM's Eyewitness News, stated that the programme's failure to sustainably address fuel price volatility was unsurprising. While acknowledging potential administrative delays in the suspension, he emphasized that the decision was long overdue. He stated, “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.”
The Gold-for-Oil programme, designed to lessen Ghana's reliance on foreign exchange for fuel imports and stabilize domestic fuel prices, has been criticized for its inherent unsustainability. Amoah reiterated this sentiment, urging the government to avoid similar future initiatives. He advocated for a more effective long-term solution: revamping Ghana's refineries to reduce the nation's dependence on imported petroleum products.
“The Gold-for-Oil programme was never going to be the solution to Ghana’s fuel price fluctuations. It was unsustainable and unsafe,” Amoah explained. “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.”
Amoah further suggested that instead of utilizing Ghana's gold reserves for oil procurement, the government should concentrate on bolstering the national currency through strategic economic policies. This alternative approach, he argued, would offer a more robust and sustainable solution to the challenges of fuel price instability.
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