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Foreign exchange reserves are in short supply Ghana and Dubai refiners reach a "gold-for-oil" agreement

 Last Update: 2023-01-01
 Source: Internet
 Author: User

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Ghana is in talks with Emirates Oil to allow it to buy crude oil
through gold.
Ghana's vice president's economic adviser said the government had reached an interim agreement with Emirates Oil and was open to other interested oil traders internationally
.
Ghana's government, Africa's second-largest gold producer, last week ordered the country's big miners to sell 20 percent of their refined gold to Ghana's central bank starting Jan.
1 so that its reserves of gold can be used to import crude oil, reducing demand for the dollar and cushioning the depreciation
of the country's currency.
Ghana's currency has plunged 57%
so far this year.
Ghana spends $4.
8 billion a year on fuel oil, while the West African country's foreign exchange reserves have shrunk by 38 percent to $6.
7 billion
.

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