Five Reasons Why Ghana is Good For Gold

And One That Makes Ghana Bad.

Five Reasons Why Ghana is Good For Gold

And One That Makes Ghana Bad.

Bloomberg reports that Ghana, Africa’s second-largest gold producer, ordered large mining companies to sell 20% of the metal they refine to the nation’s central bank, as the government embarks on a plan to barter bullion for fuel.- Source

Reuters adds: 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," Vice President Bawumia said. "The barter of gold for oil represents a major structural change," he added.

This comes at a time when debt ridden Ghana is struggling to make payments and is in the middle of a renegotiation with the IMF to those ends.

Here are some thoughts on The Ghana Gold announcement. Why it is good for Gold, what some bears are saying, and one risk worth noting.