Public Agenda NewsPaperPublic Agenda NewsPaper
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Font ResizerAa
Public Agenda NewsPaperPublic Agenda NewsPaper
Font ResizerAa
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Search
  • General News
  • Politics
  • Business
  • Health
  • Development Agenda
  • World News
  • Features & Opinions
  • Election watch
  • Editorial
Follow US
Breaking NewsBusinesstop stories

Bank of Ghana to gradually phase out Gold for Oil policy

Suleman
Last updated: November 28, 2023 12:17 pm
Suleman
Share
3 Min Read
Dr Ernest Addison, Governor, Bank of Ghana
SHARE

The Bank of Ghana (BoG) has announced that it will gradually phase out the Gold for Oil policy, implemented in February 2023 to stabilize fuel prices.

The Central Bank believes that the programme has achieved its purpose and is no longer necessary.

“The Gold for Oil policy was a crisis management policy. We came in at the time in 2022 when the currency was depreciating very sharply and then prices at the pump became unbearable.”

More Read

Eliminating Intra-African Trade Barriers no Longer Optional – AfCFTA Scribe
Judge reverses Trump administration’s cuts of billions of dollars to Harvard University
I’ll hold you to the June 2026 deadline – Mahama to Ofankor–Nsawam road contractor
Draft report on review of Constitution to be ready by October – CRC
GRNMA apologises to Health Minister over attacks

“So as things normalise the rationale for these interventions may not be as strong as they were when we were in the middle of the crisis. So this is why we may have to get out of that operation,” he said.

The BoG’s decision comes as the Ghanaian economy is beginning to show signs of recovery. The cedi has appreciated against the US dollar, and inflation has begun to moderate.

Meanwhile, the Bulk Oil Storage and Transportation Company Limited (BOST) has denied claims that it has imported manganese-laden fuel under the Gold for Oil policy.

Recent reports have suggested that the importation of manganese-laden gasoline into the market is to blame for the underperformance of vehicles.

However, BOST has categorically denied these claims. In a statement issued on Monday, November 27, BOST stated that it has not imported any product under the Gold for Oil policy that does not meet the specifications set by the National Petroleum Authority (NPA) and the Ghana Standards Authority (GSA).

“We, therefore, implore the public to disregard the claims of our detractors regarding the importation of manganese-laden fuel,” the statement read.

BOST also stated that it has imported 23 cargoes under the Gold for Oil policy, and none of them have failed the quality tests conducted by the GSA.

The company called on the public to allow the regulatory authorities to investigate the exact source of the manganese-laden fuel.

“Grant the regulatory authority of the petroleum downstream the time and space to investigate the exact source of the said product and also to tighten the regime to clamp out the room for the importation of potentially problematic products onto the market,” BOST said in its statement.

Source: CNR

Share This Article
Facebook Whatsapp Whatsapp Email Copy Link Print

Latest News

Shadows of Empire: The CIA, Kwame Nkrumah, and the Struggle for Ghanaian Sovereignty
September 3, 2025
Empowering Rural Women through environmental justice: GAGGA grantees convene in Accra
September 3, 2025
Birim North District Unveils Medium -Term Development Plan and More…
September 2, 2025
Chief Justice Getrude Torkornoo removed
September 1, 2025
ABANTU Engages Unsuccessful Women Parliamentary Candidates to Strengthen Political Participation in Ghana
August 28, 2025
Pakistan unveils 7-point plan for Gaza peace at OIC summit
August 26, 2025
Bagre Dam Spillage claims life of farmer
August 26, 2025

You Might Also Like

Breaking NewsBusinesstop stories

Ghana and Nigeria explore electricity for gas barter agreement

August 26, 2025
Breaking NewsGeneral Newstop stories

Ghana drops to 61st in 2025 Global Peace Index

August 26, 2025
Breaking NewsDevelopment AgendaElection watch

Charles Abugre Chairs MiDA Board

August 22, 2025
Breaking NewsBusinesstop stories

Ghana cedi is world’s best-performing currency – Mahama tells investors in Japan

August 20, 2025

About Us

Public Agenda is fou­nded and owned by Pu­blic Agenda Communic­ations.

Public Agenda was founded as a public interest Me­dia entity. Its Visi­on is to contribute to building a well-i­nformed society where accurate informati­on dissemination is the cornerstone of a democratic, just and equitable society.

Its mission is to inform, guide and bui­ld responsible citiz­enship and accountab­le decision making and strive for excell­ence in the media in­dustry. Public Agenda Communications is managed by a Board of Directors.

Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?