Ghana proposes using gold to pay for oil

Ghanaians march in the streets of Accra earlier this month to protest against a worsening economic crisis and to call on President Nana Akufo-Addo to step down. (Reuters Photo)

ACCRA: Ghana has ordered all large mining companies to sell 20% of their stocks of refined gold to the country’s central bank starting from Jan 1.

The move is part of a government plan to use gold to buy oil. The aim is to ease pressure on foreign currency reserves amid demand for dollars by oil importers, which is weakening the cedi, the local currency, and increasing living costs.