• About Us
  • Terms & Conditions
  • Contact Us
Friday, September 22, 2023
Investogist
No Result
View All Result
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Rwanda: Paul Kagame announces he will run for a fourth term

    Rwanda: Paul Kagame announces he will run for a fourth term

    Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

    Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

    Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

    Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

    Mass shootings in USA surpass 500 this year – Report

    Mass shootings in USA surpass 500 this year – Report

    Hakeem Baba-Ahmed to serve as Special Adviser to VP Kashim Shettima

    Hakeem Baba-Ahmed to serve as Special Adviser to VP Kashim Shettima

    Nine Appeal Court Justices to be sworn in Chief Justice of Nigeria

    Nine Appeal Court Justices to be sworn in Chief Justice of Nigeria

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    President Tinubu Nominates New CBN Governor and Management Team

    Zelensky’s virtual speeches to Parliaments around the world invoking history

    We will not hand over male refugees for military draft, EU States tell President Zelensky

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Headline Inflation in Nigeria rose to 22.04% in March

    Food prices continue to soar in Nigeria as inflation hits 25.80%

    NERC hikes electricity meter price by 40%

    NERC hikes electricity meter price by 40%

    NNPC says no plan to increase petrol price in March

    Nigeria’s daily petrol consumption dropped by 16.8% in July – report

    Student Loan Act: How to apply for the loan, all you need to know

    Tinubu establishes presidential CNG initiative, targets nationwide adoption

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    FG to streamline taxes from 52 to 10, rename FIRS

    FG to streamline taxes from 52 to 10, rename FIRS

    Student Loan Act: How to apply for the loan, all you need to know

    FG establishes ‘Infrastructure Support Fund (ISF) for the 36 States of the Federation’

    Headline Inflation in Nigeria rose to 22.04% in March

    Inflation in Nigeria rises to 22.79% in June 2023

    CBN extends Naira 4 Dollar Scheme for diaspora remittances until further notice

    CBN includes Naira as payout option for diaspora remittance

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 15 September 2023

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2023, qualification and payment dates

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 8 September 2023

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.07% as VITAFOAM loses 10%

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained by 1.11% as Dangote Sugar rises another 10%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.08% as TRANSCORP falls 9.99%

    TRANSCORP reports 528.45% rise in profit for 2021 FY

    The NGX- ASI gained by 0.51% as TRANSCORP rises above N7

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI gained by 0.90% as Dangote Sugar rises above N50

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for the week ended 25 August 2023

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    Ellah Lakes Plc gets SEC approval to raise ₦2.9bn new capital via rights issue

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Fidelity Bank to issue 3.03 billion Ordinary Shares by way of Private Placement

    Fidelity Bank Plc completes acquisition of Union Bank Plc UK

    Zenith Bank posts N174bn profit, earns N28.14bn from Account Maintenance in 9 Months

    Zenith Bank Plc reports N291.73bn profit for Half-Year 2023

    Board of Directors UBA approve payment of a final dividend for 2022

    UBA Plc to pay 50 Kobo Interim Dividend for Half-Year 2023

    Dividend Stocks to watch on the Nigerian Exchange – The case for Zenith Bank Plc

    Zenith Bank Plc to pay 50 Kobo Interim Dividend for Half-Year 2023

    PZ Cussons UK to buyout minority shareholders of PZ Cussons Nigeria plc

    PZ Nigeria announces reason for delay in filing Audited Financial Statements

    MRS Oil’s Board meeting adjourned due to inconclusive discussions

    MRS Oil’s Board meeting adjourned due to inconclusive discussions

    Brent crude oil price rise above $70 on OPEC projections

    Crude prices hit 10-month high as Russia, Saudi extend crude oil supply cuts

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
  • Home
  • News
    • All
    • Africa
    • Nigeria
    • World
    Rwanda: Paul Kagame announces he will run for a fourth term

    Rwanda: Paul Kagame announces he will run for a fourth term

    Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

    Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

    Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

    Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

    Mass shootings in USA surpass 500 this year – Report

    Mass shootings in USA surpass 500 this year – Report

    Hakeem Baba-Ahmed to serve as Special Adviser to VP Kashim Shettima

    Hakeem Baba-Ahmed to serve as Special Adviser to VP Kashim Shettima

    Nine Appeal Court Justices to be sworn in Chief Justice of Nigeria

    Nine Appeal Court Justices to be sworn in Chief Justice of Nigeria

    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    President Tinubu Nominates New CBN Governor and Management Team

    Zelensky’s virtual speeches to Parliaments around the world invoking history

    We will not hand over male refugees for military draft, EU States tell President Zelensky

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    FG issues Flood Alert: 13 States, 50 Communities to be affected

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    Headline Inflation in Nigeria rose to 22.04% in March

    Food prices continue to soar in Nigeria as inflation hits 25.80%

    NERC hikes electricity meter price by 40%

    NERC hikes electricity meter price by 40%

    NNPC says no plan to increase petrol price in March

    Nigeria’s daily petrol consumption dropped by 16.8% in July – report

    Student Loan Act: How to apply for the loan, all you need to know

    Tinubu establishes presidential CNG initiative, targets nationwide adoption

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    Subsidy Palliative: FG gives states N5bn to buy rice, maize

    FG to streamline taxes from 52 to 10, rename FIRS

    FG to streamline taxes from 52 to 10, rename FIRS

    Student Loan Act: How to apply for the loan, all you need to know

    FG establishes ‘Infrastructure Support Fund (ISF) for the 36 States of the Federation’

    Headline Inflation in Nigeria rose to 22.04% in March

    Inflation in Nigeria rises to 22.79% in June 2023

    CBN extends Naira 4 Dollar Scheme for diaspora remittances until further notice

    CBN includes Naira as payout option for diaspora remittance

    • Policies
    • Budgets
    • Economic Data
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 15 September 2023

    MTN Nigeria to pay over N200 billion final dividend for 2022

    List of Dividends announced in 2023, qualification and payment dates

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for week ended 8 September 2023

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.07% as VITAFOAM loses 10%

    Local Bourse closed in Bullish Territory… As NGX-ASI at 0.31%

    The NGX- ASI gained by 1.11% as Dangote Sugar rises another 10%

    Lasaco Assurance Plc suffers maximum possible loss on NSE as suspension is lifted

    The NGX- ASI declined by 0.08% as TRANSCORP falls 9.99%

    TRANSCORP reports 528.45% rise in profit for 2021 FY

    The NGX- ASI gained by 0.51% as TRANSCORP rises above N7

    Nigeria’s GDP grows 5.01% YoY in real terms in Q2 2021

    The NGX- ASI gained by 0.90% as Dangote Sugar rises above N50

    NGX Daily Equities Market Report: Market gains for third consecutive days

    Nigerian Exchange: Stock Market report for the week ended 25 August 2023

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    Ellah Lakes Plc gets SEC approval to raise ₦2.9bn new capital via rights issue

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Kyari claims OVH acquisition grew NNPC Retail’s Q1 2023 profit to N18.4bn

    Fidelity Bank to issue 3.03 billion Ordinary Shares by way of Private Placement

    Fidelity Bank Plc completes acquisition of Union Bank Plc UK

    Zenith Bank posts N174bn profit, earns N28.14bn from Account Maintenance in 9 Months

    Zenith Bank Plc reports N291.73bn profit for Half-Year 2023

    Board of Directors UBA approve payment of a final dividend for 2022

    UBA Plc to pay 50 Kobo Interim Dividend for Half-Year 2023

    Dividend Stocks to watch on the Nigerian Exchange – The case for Zenith Bank Plc

    Zenith Bank Plc to pay 50 Kobo Interim Dividend for Half-Year 2023

    PZ Cussons UK to buyout minority shareholders of PZ Cussons Nigeria plc

    PZ Nigeria announces reason for delay in filing Audited Financial Statements

    MRS Oil’s Board meeting adjourned due to inconclusive discussions

    MRS Oil’s Board meeting adjourned due to inconclusive discussions

    Brent crude oil price rise above $70 on OPEC projections

    Crude prices hit 10-month high as Russia, Saudi extend crude oil supply cuts

    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    North-West, South-West lead as INEC registers 96.2 million, Rivers overtakes Katsina

    ELECTION: How to check your polling unit, code online

    4 things to consider before buying a laptop

    4 things to consider before buying a laptop

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home News Africa

Ghana to purchase oil products with gold instead of US dollars

Sunday, 27 November 2022, 4:49 pm
in Africa, News
0
Ghana to purchase oil products with gold instead of US dollars
Share Share Share Share Send as Email

Ghana’s Vice President, Mahamudu Bawumia took to Facebook on Thursday to say that the country is developing a new strategy that would see it purchase oil products using gold rather than U.S dollar reserves.

The move  is meant to tackle dwindling foreign currency reserves coupled with demand for dollars by oil importers, which is weakening the local cedi and increasing living costs.

Read also; Fourth Mainland Bridge: Lagos shortlists three bidders

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.

Using gold would prevent the exchange rate from directly impacting fuel or utility prices as domestic sellers would no longer need foreign exchange to import oil products, he explained.

“The demand for foreign exchange by oil importers in the face of dwindling foreign exchange reserves results in the depreciation of the cedi and increases in the cost of living with higher prices for fuel, transportation, utilities, etc.

“To address this challenge, the Government is negotiating a new policy regime where our gold (rather than our US dollar reserves) will be used to buy oil products. The swap of sustainably mined gold for oil is one of the most important economic policy changes in Ghana since its independence.

“If we implement it as envisioned it will fundamentally change our balance of payments and significantly reduce the persistent depreciation of our currency with its associated increases in fuel, electricity, water, transport, and food prices.

“This is because the exchange rate (spot or forward) will no longer directly enter the formula for the determination of fuel or utility prices since all the domestic sellers of fuel will no longer need foreign exchange to import oil products,” he explained.

“The barter of gold for oil represents a major structural change,” he added.

Ghana produces crude oil, but it has relied on imports for refined oil products since its only refinery shut down after an explosion in 2017.

Bawumia’s announcement was posted as Finance Minister Ken Ofori-Atta announced measures to cut spending and boost revenues in a bid to tackle a spiralling debt crisis.

In a 2023 budget presentation to parliament on Thursday, Ofori-Atta warned that the West African nation was at high risk of debt distress and that the cedi’s depreciation was seriously affecting Ghana’s ability to manage its public debt.

The government is negotiating a relief package with the International Monetary Fund as the cocoa, gold and oil-producing nation faces its worst economic crisis in a generation.

Ghana’s gross international reserves  have fallen by about one-third — from $9.7 billion at the end of 2021 to around $6.6 billion at the end of September 2022, according to official data.

The reserves will cover just 2.9 months of the country’s goods and services imports — short of the government’s target of covering three-and-a-half-months worth of imports for 2022, according to a copy of the country’s budget speech delivered by finance minister Ken Ofori-Atta on Thursday.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

Related Posts:

  • Just in: NNPC invites tenders for 2020 – 2021 Direct Sale of Crude Oil & Direct Purchase of Petroleum Products
    Just in: NNPC invites tenders for 2020 – 2021 Direct Sale of…
  • Ghana plans $500 million London IPO of Agyapa Royalties (Gold royalty fund)
    Ghana plans $500 million London IPO of Agyapa Royalties…
  • FCT Security: FG approves N2.6b for purchase of vehicles, equipment
    FCT Security: FG approves N2.6b for purchase of vehicles,…
  • Seplat Petroleum and Waltersmith sign Crude Purchase Agreement
    Seplat Petroleum and Waltersmith sign Crude Purchase…
Previous Post

2023 Election: INEC issues update on PVC collection

Next Post

Nestle Nigeria Plc lose 19% of its market value in 2 days

Next Post
Nestle Nigeria Plc announces Board meeting to consider 2020 accounts and dividend

Nestle Nigeria Plc lose 19% of its market value in 2 days

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Plugin Install : Widget Tab Post needs JNews - View Counter to be installed
  • Trending
  • Comments
  • Latest
MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2023, qualification and payment dates

How to recover unclaimed dividends in Nigeria

How to recover unclaimed dividends in Nigeria

Custodian Investments Plc announces 10 kobo interim dividend for H1 2022

List of Dividends announced in 2022, qualification and payment dates

Rwanda: Paul Kagame announces he will run for a fourth term

Rwanda: Paul Kagame announces he will run for a fourth term

AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

Ellah Lakes Plc gets SEC approval to raise ₦2.9bn new capital via rights issue

Rwanda: Paul Kagame announces he will run for a fourth term

Rwanda: Paul Kagame announces he will run for a fourth term

Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

Breaking: Tribunal Sacks Kano State Governor Abba Kabir of NNPP

Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

Rivers State Police Command arrests Police Officers involved in alleged extortion and kidnapping

Investogist
info@investogist.com

Follow us

Categories

  • Africa
  • Agriculture
  • Arts & Culture
  • Budgets
  • Business
  • Columnists
  • Commodities
  • Companies
  • Cryptocurrencies
  • Economic Data
  • Economy
  • Editorials
  • Financial Education
  • Football
  • Forex
  • Industry
  • Investogist Business Saturday
  • Job Opportunities
  • Markets
  • Nature
  • News
  • Nigeria
  • Op-ed
  • Opinion & Analysis
  • Places & People
  • Policies
  • Rates & Bonds
  • Sports
  • Stocks/Equities
  • Technology
  • Travel & Tours
  • Vacancies
  • World

Quick Links

  • News
  • Economy
  • Markets
  • Business
  • Opinion & Analysis
  • Travel & Tours

Newsletter

Copyright © 2023 investogist.com, All Rights Reserved

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Business
    • Companies
    • Industry
    • Technology
  • Sports
    • Football
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Financial Education
  • Vacancies

Copyright © 2023 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist