Wed. Dec 6th, 2023

Dubai’s ENOC denies gold-for-oil barter talks with Ghana

Dubai’s ENOC denies gold-for-oil barter talks with Ghana

Emirates National Oil Co. denied the assertion made by a senior Ghanaian official that the corporation is in discussions to provide petroleum to the West African country in exchange for gold.

An ENOC representative told Bloomberg on Tuesday that “this is completely unfounded and false.” “This matter has not been discussed at all.”

Kabiru Mahama, an economic advisor to Vice President Mahamudu Bawumia, said on Friday that the Ghanaian government had reached a “tentative” agreement with the oil company based in Dubai.

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Ghana, the second-largest gold producer in Africa, mandated last week that major mining firms sell 20% of the metal they refine to the central bank starting on January 1. After its currency fell by 57% this year, it is attempting to dampen demand for dollars by stockpiling bullion reserves that may be used to import petroleum.

Mahama had stated in a phone interview that “we’re open to any foreign oil trading corporation that is interested.” “All of our oil product demands would be converted to gold beginning in October.”

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