• Debt-ridden Ghana plans to buy oil with gold instead of dollars, as foreign currency reserves dwindle to an alarming low

    4 days ago - By Business Insider

    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...
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