The Chamber of Oil Marketing Companies (COMAC) has refuted claims that the previous government’s Gold-for-Oil (G4O) policy was a major factor in reducing fuel prices, arguing instead that global market forces were responsible for the decline.
Ghana introduced the G4O policy in December 2022, with the first shipment arriving in January 2023, aiming to stabilize fuel prices by purchasing petroleum products with gold. However, COMAC contends that the initiative accounted for only 10% of the country’s monthly fuel consumption at inception and peaked at just 30%, making its impact on price reductions minimal. The Chamber further asserts that fuel prices in Ghana had already begun to decline before the first G4O shipment arrived.
Between November 2022 and June 2023, global crude oil prices dropped from $96.04 per barrel to $74.27, while petrol and diesel prices fell from $968.25 and $1,096.98 per metric ton to $828.70 and $691.41, respectively. As a result, fuel prices at the pump also decreased, with petrol and diesel falling from GHS 16.57 and GHS 23 per liter in November 2022 to GHS 11.90 and GHS 11.96 per liter by June 2023. Given these trends, COMAC maintains that the G4O policy had only a marginal effect on price stabilization, as global supply and demand shifts were the primary drivers of the reductions.
Additionally, COMAC dismisses assertions that the policy significantly contributed to Ghana’s inflation rate dropping from 54% in 2022 to 23.5% in 2025. The Chamber argues that, given G4O’s limited impact on fuel prices and its declining import volumes over time, linking the policy to the sharp decline in inflation is misleading.
