Ghana is in talks with a major oil refiner in Dubai to arrange a barter deal whereby Ghana will trade gold in exchange for fuel. This arrangement is seen as a way to help Ghana secure a reliable supply of fuel while also providing an avenue to monetize its gold reserves. The move comes as Ghana seeks to reduce its dependence on imported oil and diversify its energy sources.
The deal is being negotiated between the Ghanaian government and the Dubai-based Al Ghurair Energy, which is one of the largest oil refiners in the Middle East. According to reports, Al Ghurair is offering to supply Ghana with up to 10 million barrels of oil in exchange for gold. The gold will be valued at prevailing market prices and will be used to pay for the fuel on an annual basis.
The move is part of a larger effort by Ghana to reduce its dependence on imported oil. Currently, the country relies on imported oil for more than 80% of its total energy needs. This puts Ghana in a vulnerable position, as its economy is highly dependent on foreign oil prices. In addition, the country’s energy infrastructure is antiquated and unable to handle the increasing demand for electricity.
The barter deal with Al Ghurair is seen as a way to address both of these issues. By using gold as a form of payment, Ghana can reduce its reliance on imported oil and monetize its gold reserves. In addition, the deal will provide the country with a steady supply of fuel, which will help to power its energy infrastructure.
The agreement is still in the early stages of negotiation, but it is a promising sign for Ghana. If the deal is successful, it could provide a new source of revenue for the country, as well as improved energy security. In addition, it could pave the way for similar deals with other oil refiners and could lead to an increase in gold exports from Ghana.
Overall, the proposed barter deal between Ghana and Al Ghurair is an interesting development that could have a significant impact on the country’s energy security and economy. If successful, it could open the door for more barter deals between Ghana and other oil refiners and could help to monetize the country’s gold reserves. As talks between the two sides continue, it will be interesting to see how this arrangement will develop and what it could mean for Ghana.