If the policy is successful, it could have a ripple effect on other African nations using their natural resources to trade.
NEW POLICY: Gold bullion bars sit following casting at a refinery in Germiston, South Africa. Photographer: Waldo Swiegers/BloombergVice President Mahamudu Bawumia said the government is working on a new policy to make it possible for gold to be used to purchase oil products instead of American currency.
The move is a response to a reduction in foreign currency reserves and the demand for dollars from oil importers, according to According to the government, Ghana’s Gross International Reserves were at around $6.6bn at the end of September 2022, which is less than three months cover.The new policy is expected to be implemented in the first quarter of 2023, which “will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency”, Mr Bawumia said.
Demands for US dollars is weakening the strength of the Ghanaian cedi and increasing the cost of living for citizens. By using gold this would prevent the exchange rate from having a knock-on effect on fuel and energy prices as local sellers would not need foreign exchange to import oil and oil products, Mr Bawumia explained.The new policy is not very common as Ghana produces its own crude oil, but has heavily relied on imported refined oil products.
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