Cedi-Depreciation: Dr Mohammed Amin Adam Assures Ghana Has Enough Gold To Exchange For Oil

• The government has assured that the country has enough gold reserves to exchange for oil
• The barter trade is expected to reduce the current skyrocketing prices of fuel as well as curb the cedi-depreciation
• A Deputy Energy Minister, Dr Mohammed Amin Adam, said relevant stakeholders were consulted before the announcement of this barter deal

The government has assured that it is ready to implement to the fullest its latest policy to exchange the country's gold reserves for oil.

According to a deputy energy minister, Dr Mohammed Amin Adam, plans are far advanced for the Akufo-Addo-led government to implement its gold-for-oil barter trade to reduce fuel's skyrocketing prices.

Government Announces Plans To Negotiate Gold-For-Oil Deal To Address Cedi Depreciation

Last Thursday, the government announced plans to negotiate a gold-for-oil barter deal to address the country's cedi-dollar depreciation and dwindling foreign exchange reserves.

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Since Vice President Dr Mahamudu Bawumia made the disclosure, some well-meaning Ghanaians and experts have questioned whether it was a feasible plan.

Ghana Has Enough Reserves To Implement Gold-For-Oil Barter Trade Deal

But throwing more light on the policy in an interview with Accra-based Joy News, Dr Amin Adam said the country has enough reserves to implement the policy.

"..there is no doubt that we'll be able to get the required gold to exchange for the requirement of our petroleum products and so we are very confident that this is a policy we can implement without difficulties," he said.

He also added that the government engaged relevant stakeholders before the announcement of this new policy.

China Defeats Ghana, South Africa, To Be World Leading Exporter Of Gold

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Earlier, YEN.com.gh reported that China beat Ghana and South Africa to become the leading exporter of gold. This is according to figures from the Ghana Chamber of Mines.

According to the report, the Asian country was able to export 368 metric tons of gold in 2020. On the other hand, Ghana exported only 114 metric tons, while South Africa followed with 91 metric tons.

Source: YEN.com.gh