West African country ditches dollar in oil trade ...News

Ghana will buy crude with gold instead of the US currency Ghana’s vice president, Mahamudu Bawumia revealed this week that the government wants to pay for oil imports with gold instead of US dollars. He explained the plan as an attempt to protect the country’s dwindling foreign currency reserves. Official data shows Ghana’s gross international reserves have fallen from $9.7 billion at the end of 2021 to around $6.6 billion at the end of September 2022. The reserves could reportedly cover just three months of the country’s goods and services imports — half a month short of the government’s target for 2022. The gold

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