Gold-for-Oil Was a Flawed Fix: COPEC Applauds Suspension

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 halting the Gold-for-Oil programme.

His remarks follow the central bank’s announcement on March 3, 2025, that the initiative had been suspended due to financial losses and operational hurdles.

Amoah argued that the policy—intended to reduce Ghana’s dependence on foreign currency for fuel imports and stabilize domestic fuel prices—was never a sustainable solution to price volatility.

In an interview, he expressed no surprise at the decision, stating that the suspension was long overdue but likely delayed due to administrative processes.

“The suspension is neither shocking nor surprising. If anything, it should have happened sooner, but we understand that bureaucratic steps had to be followed,” he remarked.

He further cautioned the government against introducing another similar initiative to regulate fuel prices. Instead, he urged a focus on revamping Ghana’s refinery sector to reduce dependence on petroleum imports.

“The Gold-for-Oil programme was never a viable fix for fuel price instability. It was unsustainable and impractical. Kudos to the new governor for calling it off, but let’s not repeat past mistakes. The real solution is fixing our refineries—only then can Ghanaians rely on local petroleum production instead of costly imports.”

Amoah also emphasized that rather than using gold reserves for oil procurement, the government should have prioritized strengthening Ghana’s currency through sound economic policies.