Gold-for-Oil Programme Ended in May 2025 BoG Confirms GH¢2.43bn Loss, Audit Ongoing
According to Bank of Ghana Governor Dr. Johnson Asiama, the Gold-for-Oil (G4O) program, which started in late 2022 to cut down on the use of foreign currency for fuel imports and keep domestic fuel prices stable, ended in May 2025. He said, “We had to shut down the Gold4Oil Program in May last year, but it is undergoing an external audit.” Once the audit is done, we’ll be happy to share the results. Dr. Asiama said this at a Public Accounts Committee hearing. He also said that the scheme, in which the Bank of Ghana bought gold from local producers to pay for oil imports directly or through brokers, had lost GH¢2.43 billion as of December 2023. He also said that the audit is still going on and that he is optimistic about Ghana’s economic future because the cedi is stable and the government is committed to fiscal discipline.
