Investment Times

Central bank governor Dr. Ernest Addison has backed the barter of gold for oil policy and believes it would help lessen private sector pressure on the foreign exchange market. Government last year announced a new policy to buy oil products with gold rather than US dollar reserves. The move, officials say 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. Appearing before the Public Accounts Committee of Parliament on Monday to answer questions on the foreign exchange receipts and payments for half year...