Gold bugs will rejoice at the news of Ghana looking to pay for its oil imports in gold rather than in dollars. Undoubtedly, they will see it as vindication of their belief in the inevitability of “sound money” backed by the precious metal. However, a quick look at the performance of the Ghanian cedi against the dollar and against gold suggests that the transition to payments in gold from fiat dollars will not change things all that much.
The oil price in gold is more stable than the old price in USD, and that makes the need to have big reserves of USD not needed. And now USA is out of ammo, see The Duran or The New Atlas for example for sources about that, but this is the reason Ghana dares to do this.
The oil price in gold is more stable than the old price in USD, and that makes the need to have big reserves of USD not needed. And now USA is out of ammo, see The Duran or The New Atlas for example for sources about that, but this is the reason Ghana dares to do this.
https://heddahenrik.substack.com/p/communist-beauty
who paid off the ghanian high command to pull this suicidal move? attempt to cash in shorts if/when the ghanian supply creates a market puddle?