I have had the cause to emphasize that Johnson Asiamah, the BoG Governor, is more of a politician than a banker. This man suspended the Gold for Oil program simply because it was an initiative by Dr. Mahamudu Bawumia.

Dr. Bawumia has been vindicated. The Bulk Energy Storage and Transportation (BEST) Company Limited, formerly known as BOST, has raised critical concerns over the suspension of the Gold for Oil (G4O) policy during a recent engagement with the Parliamentary Select Committee on Energy.

The company described the policy’s suspension as a significant setback to its operations and the broader effort to stabilize fuel prices in Ghana.

The session, held as part of the Committee’s oversight duties, allowed BEST to present its 2025 work programme, infrastructure development plans, and operational challenges. Committee Chairman and MP for Ho West, Hon. Emmanuel Kwasi Bedzrah, emphasized the importance of these briefings in assessing the performance and needs of energy sector agencies under the Ministry of Energy and Green Transition.

Delivering the presentation, BEST Managing Director, Mr. Afetsi Awoonor, noted that as a newly renamed company, BEST is maintaining continuity by pursuing key projects started under its previous identity. These include the rehabilitation of the Akosombo depot and the development of the Takoradi depot into a strategic hub for national petroleum distribution.

For 2025, BEST plans to expand its footprint in the export market, strengthen collaboration with the Tema Oil Refinery (TOR), and implement round-the-clock operations across major depots to improve efficiency and national supply resilience.

However, Mr. Awoonor outlined a number of operational challenges that require urgent attention. Chief among them is the suspension of the Gold for Oil initiative, which was originally designed to reduce Ghana’s dependence on foreign currency for fuel imports by leveraging the country’s gold reserves. He explained that the programme’s pause has exposed BEST to foreign exchange volatility, increased import costs, and disrupted pricing stability in the downstream sector.

Additional constraints mentioned included low levels of strategic fuel stock, limited laycan availability for import scheduling, forex losses, and inadequate BOST margins.

The Committee pledged to follow up with on-site visits to BEST facilities and to explore possible legislative and policy interventions that will support the company in fulfilling its mandate of ensuring fuel security and price stability for the nation.

P.K.Sarpong, Whispers from the Corridors of the Thinking Place.

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