The Chamber of Petroleum Consumers (COPEC) has welcomed the Bank of Ghana’s decision to suspend the Gold-for-Oil programme, calling it a necessary step toward addressing Ghana’s fuel price challenges.
According to COPEC’s Executive Secretary, Duncan Amoah, the programme—introduced to reduce reliance on foreign exchange for fuel imports—was unsustainable and failed to provide long-term stability in fuel prices.
Speaking on Citi FM’s Eyewitness News, Amoah emphasized that while the suspension came later than expected, it was ultimately the right move. He credited the new Governor of the Bank of Ghana, Dr. Johnson Asiama, for making the bold decision despite administrative delays.
“The suspension is not surprising. In fact, it should have come earlier, but we understand that certain processes had to be followed,” he noted.
Call for Sustainable Solutions
COPEC is now urging the government to avoid introducing another short-term intervention and instead focus on revamping Ghana’s refinery operations. Amoah argued that refining petroleum locally is the only viable solution to reducing Ghana’s dependence on imports and stabilizing fuel prices in the long run.
“The real solution is to fix our refineries. That way, Ghanaians can be assured of a more stable fuel supply rather than depending on external markets,” he said.
He also criticized the use of Ghana’s gold reserves for oil procurement, stating that a better approach would have been strengthening the cedi through strategic economic measures.
With the Gold-for-Oil initiative now discontinued due to financial and operational challenges, industry stakeholders will be watching closely to see if the government takes steps toward long-term energy security.
