Governor of the Bank of Ghana, Dr Ernest Addison
The Bank of Ghana (BoG) says it intends to hand over the Gold-for-Oil programme to a commercial bank to operate.
According to the Governor of BoG, Dr Ernest Addison, this will allow the central bank to focus on its core functions of monetary policy and maintaining price stability.
Introduced two years ago, the program was expected to reduce fuel prices at the pumps. However, prices have been escalating in recent weeks.
But speaking to JoyNews, Dr Addison said the policy remains a strategic solution in boosting the country’s reserves.
He emphasised that the gold-for-oil program has been beneficial to the nation during crisis and thus warrants continuation.
“We only want to make sure that this is done by a commercial bank so that we can have time to focus on our operations as a central bank.
“So this is the discussion that we are holding going forward but the ability to be able to exchange our natural resource directly for oil when oil prices get out of hand, we think that is a very innovative programme,” the BoG Governor said.
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