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Al Jazeera
Al Jazeera
Business

Ghana plans to buy oil with gold instead of dollars

Oil Ghana Gold Mahamudu Bawumia Ken OforiAtta
The West African nation has warned it is facing its worst economic crisis in a generation [File: Reuters]

Ghana’s government is working on a new policy to buy oil products with gold rather than US dollar reserves, Vice President Mahamudu Bawumia has said on Facebook.

The move, announced on Thursday, is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.

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