Celebrated Ghanaian businessman, Dr Kofi Amoah, has raised major concerns he has over Ghana’s recent policy proposal to use gold to import refined oil products from the international market rather than the US dollar.
In a lengthy interview, Dr Amoah said the move can have far-reaching implications that Ghana must carefully consider before implementing it.
Dr Amoah wondered if Ghana is ready or even capable to contest the United States on the global market if the US takes offence to the move.
He also said that consultations should be done with other major global superpowers such as China before taking this risk.
Dr Amoah said: “Ghana has announced making international payments in gold instead of USD. First let’s find out how MUCH REFINED GOLD DEPOSIT Ghana really has, and if it’s not already mortgaged as collateral. Let’s also see how many countries, banks or other international institutions will accept gold from Ghana for payment without first exchanging the gold into USD.
“Is Ghana ready or capable to contest the US in any efforts seen as attempts to disgorge the USD as the major international currency for payment, not gold. Has China been consulted privately/confidentially for engagement? International currency for commercial transactions is a major source of global power, probably second only to the possession of nuclear arsenals.
“I’m not against efforts to creatively solve our impending financial crises, almost existential, but let’s pick our fights carefully. Putin could demand payment for its oil/gas in rubles (when the value was being crushed by Western sanctions) because Russia had short-term monopolistic market position of its gas to Germany and other European countries, and Putin could justify it was in direct retaliation of the West’s efforts to undermine its economy,”
Dr Amoah added that there are other solutions to be taken but the President refuses to listen to reason.
“There are other equally cogent methods for getting Ghana out of the hole but the President refuses to entertain such ideas from ‘some’ citizens even after several written requests.” he added.
Vice President Bawumia has sought to clarify those with such concerns, saying that Ghana has no problem with the use of the U.S dollar for international transactions.
“…We are not on any mission against the use of the dollars in international transactions, far from it. In fact, we want to accommodate all US dollars in our reserves. But we have a specific issue to deal with oil imports and the prices of fuel, food and transport and utilities that’s essentially what we are targeting,” the Vice President explained during a speech at the 2022 Association of Ghana Industries (AGI) awards.
Source: theGhanaianVoice.Com