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Business magnate and economist, Dr Kofi Amoah, has said there are serious considerations to make if Ghana is to embark and fully implement its new policy of paying for oil and other essential imports with gold instead of US Dollars.
The vice president, Dr Bawumia, recently announced the policy, claiming it is the best way to deal with the dwindling foreign currency reserves and the insatiable demand for dollars by oil importers which is weakening the local cedi and increasing living costs.
“If implemented as planned for the first quarter of 2023, the new policy “will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency,” Bawumia said. According to Dr Amoah, while he is not against Ghana finding its own way and methods to deal with its impending financial crises, but cautions “let’s pick our fights carefully.”
Dr Amoah opines that the move could be interpreted as trying to “disgorge the USD as the major international currency for payment.”