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Ghana plans to ditch U.S. dollars in favour of gold to buy oil

Prior to independence, Ghana was known as the Gold Coast. Perhaps it is only fitting that it should pay with gold for oil. Although this is more out of necessity than an attempt at a display of wealth. Vice-President Mahamudu Bawumia announced that the government is working on a policy meant to save the country’s economy on Thursday.

The country’s U.S. dollar reserves are dwindling (From USD 9.7 bn at the end of 2023, to USD 6.6 bn in Sept. 2022) and are enough to last for less than three months to cover the cost of importing oil. The proposed policy is uncommon. While countries sometimes trade oil for other goods or commodities, such deals typically involve an oil-producing nation receiving non-oil goods rather than the opposite.


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