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Ghana in talks with Dubai oil refiner to barter gold for fuel
By Ekow Dontoh and Moses Mozart Dzawu
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.
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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.” ...
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