Ghana news briefing
Bawumia feared Sri Lanka-style food crisis as Ghana battled forex shortages
The Gold-for-Oil arrangement, he said, therefore provided a way to exchange Ghana’s gold directly for petroleum products while reducing pressure on the country’s limited foreign exchange resources.
Dr Bawumia added that Ghana’s foreign exchange position had improved significantly by the end of 2024 after the country began building reserves through gold transactions.
He explained that selling Ghana’s gold for dollars would not have fully resolved the immediate problem because the central bank was constrained in the amount of foreign exchange it could use to intervene in the market.
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