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Dollar Shortage: Ghana plans to buy oil with gold

Ghana Vice President, Mahamudu Bawumia

Ghana Vice-President Mahamudu Bawumia made this known on Thursday via Facebook.

Dwindlng dollar reserves is forcing the Ghanian Government to adopt some strange barter arrangements to get refined oil products. With the country’s dollar reserve currently at $6.6billion its a very dicey situation.

The country has made plans to exchange its Gold for oil products. The local currency, the cedi, has been badly weakened with the attendant inflation and costs of living.

Note that Ghana is an oil producing country but relies on imports for its refined oil products!

This is exactly the situation in Nigeria, but thankfully, the Dangote Refinery, billed to start operations in the first quarter of 2023 is coming to the rescue.

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Photocredit: Reuters

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