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.
Similar Stories to Debt-ridden Ghana Plans To Buy Oil With Gold Instead Of Dollars, As Foreign Currency Reserves Dwindle To An Alarming Low on Bing News
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
BING NEWS:
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Dr. Ernest Addison The Bank of Ghana (BoG) has stated that it has adequate reserves to manage shocks to the foreign exchange market, having added over US$600 million to the current foreign exchange ...
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Ghana's central bank held its main interest rate steady at 29% for the second meeting in a row on Monday, as a slide in the local cedi currency has slowed inflation's decline.
05/27/2024 - 2:32 am | View Link - Ghana Says Cedi Speculators Will ‘Suffer’ After Rate Kept at 29%
The Bank of Ghana left the benchmark interest rate unchanged to support its bruised cedi, while warning speculators it stands ready to defend the currency which has slipped to a record low.Most Read ...
05/27/2024 - 1:38 am | View Link - More
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