Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has praised Dr. Johnson Asiama, Governor of the Bank of Ghana, for halting the Gold-for-Oil initiative.
His comments come after the Bank of Ghana announced the discontinuation of the Gold for Oil Programme on March 3, 2025, due to financial losses and operational issues.
According to Duncan Amoah, the plan, which was intended to lessen Ghana’s dependency on foreign cash for fuel imports while also stabilising domestic fuel prices, was neither sustainable nor a realistic solution to fuel price swings.
In an interview with Eyewitness News on Citi FM, he claimed that he was not astonished nor shocked by the decision, adding that the suspension had been long overdue but was most likely delayed owing to administrative reasons.
“It’s not shocking or surprising. If anything, the suspension came a little late, but we appreciate that certain administrative procedures needed to be followed,” he said.
The Executive Secretary of COPEC asked the government not to launch any similar scheme in an attempt to regulate fuel costs. Instead, he advocated for a focus on modernising Ghana’s refinery to lessen the country’s dependency on petroleum imports.
“The Gold-for-Oil scheme was never going to be the answer to Ghana’s fuel price volatility. It was unsustainable and hazardous. Congratulations to the new governor for halting it, but I hope they do not implement another scam.
The actual solution is to repair our refineries. That manner, Ghanaians may be confident that we are refining local petroleum products rather than relying on imports.”
He also stated that instead of using Ghana’s gold reserves to purchase oil, the government should have prioritised currency strength through smart economic initiatives.