Ghana's Vice-President Mahamudu Bawumia announced a "new policy regime" in which the African country will use gold, instead of the US dollar, to pay for its oil imports.Luc Gnago/Reuters Ghana's government is planning to use gold to pay for oil instead of shelling out US dollars. The move is expected to reduce the "persistent depreciation" of the cedi, the Ghanaian currency. As of end-September, Ghana's forex reserves were just enough to cover 3 months worth of imports. Ghana's government is planning to go back to a barter system of trade.In order to protect the country's fast-dwindling foreign currency reserves, Ghana wants to pay for oil with gold instead of shelling out precious US dollars, Mahamudu Bawumia, the country's vice president said Thursday.
Debt-ridden Ghana Plans To Buy Oil With Gold Instead Of Dollars, As Foreign Currency Reserves Dwindle To An Alarming Low
htan@insider.com (Huileng Tan), Business Insider
Fri, 11/25/2022 - 1:14am
Topics: ghana's vice-president mahamudu bawumia african luc gnago/reuters mahamudu bawumia september ken ofori-atta facebook reuters international monetary fund business insider ghana's ghana ghanaian ofori-atta dollars buy oil oil with gold foreign currency reserves country cedi government depreciation pay policy imports thursday products debt speech minister planning regime move persistent reduce shelling expected fallen cover worth months unusual billion barter order
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