The Bank of Ghana’s Gold-for-Oil program has incurred substantial losses, amounting to $90 million. According to reports, the losses have increased by a staggering 500% from 2023 to 2024.
The program, designed to promote economic growth and stability, has faced significant challenges. The Bank of Ghana has been working to address these issues and mitigate future losses.
Kennedy Ohene Agyapong, a prominent figure in Ghanaian politics, has expressed his concerns about the program’s performance. “This is a bad situation, and the Bank of Ghana needs to take immediate action to rectify it,” he said.
A spokesperson for the Bank of Ghana addressed the concerns during a press conference, providing insights into the program’s performance and future plans.
The significant losses have raised questions about the program’s effectiveness and the Bank of Ghana’s risk management strategies. As the central bank works to rectify the situation, stakeholders are eagerly awaiting further updates on the program’s progress.