GOLD FOR OIL PROGRAMME SHUT DOWN OVER BILLIONS IN LOSSES – BOG GOVERNOR
External audit underway as Bank of Ghana reveals GHC 1.8bn loss in 2024; Governor calls for reform of "quasi-fiscal interventions."
Bank of Ghana Governor Dr. Johnson Asiama has disclosed that the much-debated Gold for Oil programme has been shut down following billions of cedis in losses, with external audits currently underway to determine its future.
Appearing before the Public Accounts Committee on Monday, January 12, the Governor revealed that the programme was halted in May 2025 and that both the Gold for Oil and Gold for Reserves initiatives are undergoing independent audits ordered by the central bank’s board.
“The Gold for Oil programme since May last year, we had to shut that down. An external audit is underway currently and that entire programme is being audited,” Dr. Asiama stated, adding that audit findings would be shared with Parliament upon completion.
The Governor provided staggering loss figures: Gold for Oil recorded losses of GHC 74.44 million in 2022, GHC 317.69 million in 2023, and GHC 1.8 billion in 2024. Meanwhile, Gold for Reserves posted losses of GHC 1.54 billion in 2023 and GHC 3.8 billion in 2024.
Dr. Asiama acknowledged that both programmes were introduced to address national challenges but emphasized the need for reform: “We believe that going forward what we have to do is to reform them to reduce the cost further to treat them as quasi-fiscal interventions.”
The Bank of Ghana is expected to publish its full financial statements for 2025 by March 2026, with current-year figures pending audit confirmation.
Source:NKONKONSA.com
