The Bank of Ghana has suspended its gold-for-oil barter scheme, citing major financial losses. Governor Johnson Asiama announced a shift towards traditional financial tools for better stability in the foreign exchange markets.

Despite increased gold export revenue amounting to 11.6 billion USD in 2024, the cedi hit a historic low against the USD. The previous government hoped the barter system would ease pressure on the cedi, which has struggled in currency performance.

Johnson Asiama noted the necessity to reevaluate spending strategies to prevent future losses similar to the 3.9 billion USD loss in 2024. A potential transition of gold purchasing responsibilities to a proposed Gold Board is also being considered.