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Gold4Oil Policy Was Critical Intervention – BoG Governor

Governor of the Bank of Ghana, Dr. Ernest Addison says, the Gold4Oil policy which was introduced in 2022 must be maintained.

He said, the policy was a critical intervention that was needed in the height of global and domestic upsurge in prices of oil.

Appearing before the public accounts committee in parliament on April 8, 2024, the Governor reaffirmed that the policy must not be canceled as it could remain an option when the need arises.

He suggested that the government could continue to depend on the policy should oil prices rise at the pumps, opposing any potential discontinuation.

“This is an intervention which was very critical in the heat of the crisis, yes the foreign exchange market is functioning better than it was in 2022. Oil prices have come down much better than they were in 2022. The situation is much better now than it was in 2022 when the Gold4Oil policy was introduced.

“However, we think that it’s still an important programme for the government to have that option and to be able to empower commercial banks to undertake their activities. Should market sentiments change, which do every day, we don’t know what will happen tomorrow. And we will wake up and if we find ourselves in a situation where the prices are driving the pumps to where they were again. The government has an option to fall on. It’s a very innovative instrument.”

The Gold4Oil policy was introduced by Government in 2022 as a measure to curb the increasing price of fuel on the domestic market.

The policy according to some sources in government suggest was the brainchild of the vice president as the government battled with exchange rate depreciation and rise in prices of petrol and diesel.



Gh News Today
Gh News Today
Kwaku Opoku-Dame is the Chief Editor of, and he is based in Tema, Ghana. Kwaku holds a Bachelor’s Degree in Communication Studies (Journalism major) from the Ghana Institute of Journalism.


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