The Bank of Ghana has withdrawn from the former vice president Dr Mahamudu Bawumia’s Gold for Oil programme following a GH¢1.82 billion loss.
The programme was aimed at using locally sourced gold to purchase oil in a bid to reduce pressure on the country’s foreign exchange reserves.
It was Bawumia’s central strategy to stabilise fuel prices and ease forex demand.
According to reports, the decision was made during a board meeting on March 13, 2025.
The Bank of Ghana (BoG )recorded a GHS 1.82 billion loss on the Gold-for-Oil program in 2024, nearly 500% higher than the GHS 317 million loss in 2023.
Dr Johnson Asiama the governor of the Bank of Ghana had earlier suspended the Gold-for-Oil program.
There have been reports that Dr Mahamudu Bawumia’s Gold for Oil program has allegedly suffered a staggering $90 million loss.
According to reports from the Ghana Chronicles, the situation escalated when a licensed company tasked with purchasing gold for the initiative allegedly vanished with the funds.
They further indicated that the revelations reportedly emerged during transition meetings as the Mahama administration assumed office.
It has also emerged that the Bulk Oil Storage and Transportation Company Limited (BOST) and its management led by its former Managing Director, Dr Edwin Alfred Nii Obodai Provencal, are also reportedly implicated in the Gold for Oil programme’s mismanagement and financial losses.
Meanwhile, the former vice president Dr. Mahamudu Bawumia has said the success of the Gold-for-Oil programme cannot be ignored.
Dr Bawumia argued that without the policy, Ghana’s economy would have collapsed.
Dr. Bawumia in a media encounter on Sunday, August 25, 2024, held in Accra, stated boldly, “Without the gold purchase program and the gold-for-oil programme, this economy would have collapsed”.
See the post below:
BoG recorded a GHS 1.82 billion loss on the Gold-for-Oil program in 2024, nearly 500% higher than the GHS 317 million loss in 2023
Follow our WhatsApp channel for all the breaking stories: https://t.co/IHWHhBExJW#JoyNews pic.twitter.com/NZtEv7iaHP
— Joy 99.7 FM (@Joy997FM) June 5, 2025
