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The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has lauded the Governor of the Bank of Ghana, Dr. Johnson Asiama, for his decision to suspend the Gold-for-Oil programme.
His remarks follow the Bank of Ghana’s announcement on March 3, 2025, regarding the suspension of the initiative due to financial losses and operational difficulties.
Duncan Amoah emphasized that the programme, which was initially designed to minimize Ghana’s dependency on foreign exchange for fuel imports and stabilize domestic fuel prices, was neither a sustainable nor an effective long-term solution for managing fuel price fluctuations.
Speaking in an interview on Eyewitness News on Citi FM, he expressed that he was not surprised by the suspension, noting that it had been anticipated but likely delayed due to procedural 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 stated.
The COPEC Executive Secretary also advised the government against introducing another similar scheme aimed at controlling fuel prices. Instead, he stressed the importance of prioritizing the revival of Ghana’s refinery sector to decrease 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.”
Furthermore, he pointed out that rather than utilizing Ghana’s gold reserves for oil procurement, the government should have focused on strengthening the country’s currency through strategic economic measures.
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