Ghana Plans to Buy Oil with Gold Instead of U.S. Dollars

Vice President Mahamudu Bawumia has said that in order to protect the country's fast-dwindling foreign currency reserves, Ghana wants to pay for oil with gold instead of shelling out precious U.S. dollars.

The move is meant to tackle dwindling foreign currency reserves coupled with the demand for dollars by oil importers, which is weakening the local cedi and increasing living costs. Bawumia explained that"using gold will prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products. The barter of gold for oil represents a major structural change," he added.

But Ghana has oil... isn't...?

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