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Ghana to use gold to buy oil products to tackle country’s forex exchange crisis

By BNN Newsroom
Ghana to use gold to buy oil products to tackle country’s forex exchange crisis

All large-scale mining companies in Ghana is ordered to sell 20% of their entire stock of refined gold at their refineries to the Bank of Ghana from Jan. 1, 2023, Vice-President Mahamudu Bawumia said on Facebook on Friday.

The government move is part of a broader plan to tackle dwindling foreign currency reserves by using gold to buy oil products, which is announced on Thursday by Bawumia.

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