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Gold payments for oil suspended by Ghana's central bank chief
By Ekow Dontoh, Moses Mozart Dzawu, and Ondiro Oganga
Bloomberg News
Sunday, March 2, 2025
Ghana's new central bank chief has suspended the West African nation's program of paying for oil with gold and said he expects the cedi to stabilize after its volatility of last year.
"We intend to maintain an appropriate monetary policy stance," Bank of Ghana Governor Johnson Asiama said in an interview on Friday. Together with commitments for fiscal discipline under the administration of President John Mahama, that "should help us maintain stability in the foreign exchange markets," he said.
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With interest rates at 27% and inflation easing to 23.5% in January, Asiama said better monetary and fiscal policy coordination should help cool price pressures as the country puts the economic trauma of its 2022 debt default behind it. Africa's biggest gold producer had to seek a $3 billion bailout from the International Monetary Fund and restructure its debt after defaulting on its obligations.
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