Gold-for-Oil Program Suspended by Ghana’s Central Bank Boss (1)

Ghana’s new central bank chief has suspended the West African nation’s program of paying for oil with gold and said he expects the cedi to stabilize after it’s volatility of last year.

“We intend to maintain an appropriate monetary policy stance,” Bank of Ghana Governor Johnson Asiama, 56, said in an interview on Friday. Together with commitments for fiscal discipline under the administration of President John Mahama, that “should help us maintain stability in the foreign exchange markets,” he said.

With interest rates at 27% and inflation easing to 23.5% in January, Asiama said ...