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 program. This commendation follows the Bank of Ghana’s announcement on March 3, 2025, regarding the suspension of the program due to financial losses and operational challenges. According to Duncan Amoah, the program, which aimed to reduce Ghana’s reliance on foreign exchange for fuel imports and to stabilize domestic fuel prices, was neither sustainable nor a viable solution for 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.
By: Patricia Boakye
