By Love Wilhelmina Abanonave
The Gold-for-Oil (G4O) programme, a barter arrangement launched in late 2022 to tackle economic challenges, was discontinued in May 2025, according to the Bank of Ghana Governor, Dr. Johnson Asiama.
“We had to shut down the Gold4Oil Programme in May last year, but it is undergoing an external audit. Once the audit is finalized, we’ll be happy to share the audit findings,” he noted.
The programme aimed to reduce reliance on foreign exchange for fuel imports and stabilize domestic fuel prices by swapping gold reserves for petroleum products.
The Bank of Ghana (BoG) purchased gold from domestic producers and used it to pay for oil imports, either directly or through gold brokers.
Speaking during the Public Accounts Committee hearing today, Dr. Asiama linked the discontinuation to financial losses to the tune of GH¢2.43 billion as of December 2023. He stated, however, that the programme is currently undergoing an external audit.
Dr. Asiama expressed optimism about Ghana’s economic prospects, citing the cedi’s stability and the government’s commitment to fiscal discipline.
