Ghana Cancels Gold-for-Oil Scheme

Ghana’s Central Bank Halts Gold-for-Oil Barter Scheme

• The Bank of Ghana has suspended its gold-for-oil barter scheme.
• This decision was announced by Governor Johnson Asiama.
• The scheme aimed to stabilize foreign exchange markets.
• The suspension is due to massive financial losses incurred.

Governor Johnson Asiama confirmed the suspension of the gold-for-oil barter scheme, which was intended to stabilize Ghana’s foreign exchange markets but resulted in significant financial losses.