You can add Ghana to the list of countries that are getting off the U.S. dollar and transitioning away from relying on the greenback hegemony.
Ghana’s Vice-President Mahamudu Bawumia announced on Facebook on Thursday that his government is forming a new policy to purchase crude oil products with gold instead of U.S. dollar reserves.
The VP confirmed that this is part of a broader effort to reverse its falling foreign currency reserves coupled with demand for dollars by oil importers.
The country aims to adopt this new policy by the first quarter of 2023 that “will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency.”
This would also prevent the exchange rate from affecting fuel or utility prices since domestic sellers would no longer need forex to import crude products, the VP added.
“The barter of gold for oil represents a major structural change,” he said.
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