Gold-for-Oil was never the solution to fuel price stability – COPEC

The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has commended the Governor of the Bank of Ghana, Dr. Johnson Asiama, for suspending the Gold-for-Oil programme.

His comments follow the Bank of Ghana’s announcement on the suspension of The Gold For Oil Programme due to financial losses and operational challenges on  March 3, 2025.

According to Duncan Amoah, the programme, which was designed to reduce Ghana’s reliance on foreign exchange for fuel imports and stabilize domestic fuel prices, was neither sustainable nor a viable solution to addressing fuel price fluctuations.

In an interview on Eyewitness News on Citi FM,  he stated that he was neither surprised nor shocked by the decision, adding that the suspension had been long overdue but was likely delayed due to administrative considerations.

“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,” he remarked.

The Executive Secretary of COPEC further urged the government not to introduce another similar initiative in an attempt to control fuel prices. Instead, he called for a focus on revamping Ghana’s refinery to reduce the country’s reliance 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 also noted that rather than using Ghana’s gold reserves for oil procurement, the government should have prioritized strengthening the country’s currency through strategic economic measures.