Duncan Amoah, the Executive Secretary of the Chamber of Petroleum Consumers (COPEC), has praised the Governor of the Bank of Ghana, Dr. Johnson Asiama, for the recent suspension of the Gold-for-Oil programme. This decision was announced on March 3, 2025, following reports of financial losses and operational challenges associated with the initiative.The Gold-for-Oil programme was initially introduced to reduce Ghana’s reliance on foreign exchange for fuel imports and to stabilize domestic fuel prices. However, Amoah argues that the programme was neither sustainable nor a viable solution for addressing fuel price fluctuations in the country.In an interview with Eyewitness News on Citi FM, he expressed that he was not surprised by the suspension, indicating that it was long overdue, albeit likely delayed due to necessary administrative procedures.
“It is not shocking or surprising. If anything, the suspension came a bit late, but we understand that certain administrative processes had to be followed,” he remarked.
Amoah urged the government to refrain from introducing another similar initiative aimed at controlling fuel prices. Instead, he emphasized the importance of revamping Ghana’s refining capacity to diminish the nation’s dependency on petroleum imports.
“The Gold-for-Oil programme was never going to be the solution to Ghana’s fuel price fluctuations. It was unsustainable and unsafe. Kudos to the new governor for suspending it, but I hope they don’t introduce another scheme. The real solution is to fix our refineries. That way, Ghanaians can rest assured that we are refining our petroleum products instead of relying on imports,” he stated.
Amoah’s comments reflect a broader sentiment among stakeholders in the petroleum sector, advocating for structural changes that enhance local refining capabilities. As Ghana seeks to stabilize fuel prices and safeguard consumers, the focus on domestic refining could play a crucial role in achieving energy independence and economic stability