Debt-ridden Ghana plans to buy oil with gold instead of dollars, as foreign currency reserves dwindle to an alarming low

The barter system of trade is going to be reintroduced to the country.

In order to protect the country's fast-dwindling foreign currency reserves, the country wants to pay for oil with gold.

According to official data, the country's gross international reserves have fallen by about one-third from the end of the previous year to the end of the current one.

According to a copy of the country's budget speech delivered by finance minister Ken Ofori, the country's reserves won't be enough to cover three-and-a-half months of imports.

In order to counter inflation caused by the depreciation of the cedi, the Ghanaian government wants to use gold to purchase oil products in the first quarter of 2020. The cedi has fallen against the US dollars due to strong demand from oil importers.

The gold-for-oil policy is unusual because it is a country that produces oil. It still has to import refined oil products because the only oil refinery in the country has been offline.

It's even more unusual, as barter deals usually involve oil-rich countries trading for non-oil goods.

The International Monetary Fund is negotiating a relief package for the debt-ridden country.

The country is in high risk of debt distress due to the cedi's depreciation, according to the finance minister. The cedi is worth less against the US dollar this year.