The Bank of Ghana (BoG) has revealed that the now-discontinued Gold for Oil (G4O) Programme resulted in a total financial loss of GH¢2.14 billion.
This was disclosed in a formal response to an information request submitted by Kwadwo Poku, a member of the New Patriotic Party (NPP) and an energy analyst.
The request was made under Article 21(1)(f) of the 1992 Constitution and Section 18 of the Right to Information Act, 2019 (Act 989).
In its reply, dated July 2025, the central bank outlined losses spanning the 2023 and 2024 fiscal years, indicating a GH¢320 million loss in 2023 and GH¢1.82 billion in 2024.
The BoG attributed the financial shortfall to two primary components: gold transactions and petroleum trading.
Despite the financial loss, the Central Bank defended the programme, stating that it offered some short-term economic relief, especially in 2023.
The programme reportedly helped reduce pressure on the interbank foreign exchange market by easing the demand for U.S. dollars from Bulk Oil Distributors (BDCs).
According to BoG, the initiative helped avert an estimated $1.66 billion in foreign exchange demand, which would have otherwise been needed to import 56 cargoes, amounting to over 1.84 million metric tonnes of petroleum products by the end of 2024.
The programme also promoted competition in the petroleum supply chain. Premiums for petroleum products, which previously ranged between $150–$170 per metric tonne, reportedly fell to between $50–$80, contributing to lower fuel prices at the pump.
Additionally, the removal of forward exchange rate pricing helped bring stability to domestic fuel prices.
The BoG confirmed its official exit from the Gold for Oil programme, describing it as a temporary measure intended to cushion the economy during periods of soaring fuel prices.
The decision to end the initiative aligns with recommendations from the International Monetary Fund (IMF).
Looking ahead, the Bank says it will focus on its core mandate, particularly strengthening the Domestic Gold Purchase Programme to build foreign reserves more sustainably.
Furthermore, a new operational framework is being developed to shorten the cash cycle and transition the trading and financing responsibilities for petroleum products to the Bulk Oil Storage and Transportation Company (BOST) and its financial partners.
Read the full statement below:
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