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Ghana in talks with Dubai oil refiner to barter gold for fuel

Section: Daily Dispatches

By Ekow Dontoh and Moses Mozart Dzawu
Bloomberg News
Monday, November 28, 2022

Ghana is in talks with Emirates National Oil Co. for a barter arrangement that will enable the West African nation to buy fuel with gold.

The government reached a “tentative” agreement with the Dubai-based oil firm, said Kabiru Mahama, an economic adviser to Vice President Mahamudu Bawumia. Ghana, Africa’s second-largest gold producer, last week ordered large mining companies to sell 20% of the metal they refine to the central bank from Jan. 1 as it builds up reserves of bullion to be used to import fuel and reduce demand for dollars after its currency plunged 57% this year.

... Dispatch continues below ...


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“We’re open to any international oil-trading company that is interested,” Mahama said in a phone interview on Friday. “Starting next October, all our oil-product needs would be swapped for gold.” ...

... For the remainder of the report:

https://www.bloomberg.com/news/articles/2022-11-28/ghanaian-government-in-talks-with-dubai-oil-refiner-to-barter-gold-for-fuel

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