Following the successful execution of the Gold for Oil policy, which has maintained the price of fuel at a stable level, the Ashanti Regional Chairman of the New Patriotic Party (NPP), Mr. Bernard Antwi-Boasiako, is calling for the introduction of the Gold for Dollar policy.
Mr. Bernard Antwi-Boasiako, also known as Chairman Wontumi, stated that Gold for Dollar should be launched to encourage businesspeople to use gold coins rather than dollars for international business transactions in order to further prevent the dollar from weakening the Ghana cedi.
Now that we are aware that gold for oil works, if the Bank of Ghana can introduce gold for dollars, it will be able to address some significant issues. It can be relied upon by those who engage in buying and selling. For this to be a success story, we can work with MasterCard and create a gold coin that would be used, he said.
According to Chairman Wontumi, Ghana can expand on Thailand's system and switch from using dollars to gold by adopting a policy that allows people to exchange their rice for oil.
The Financial Times reported in 2008 that Iran and Thailand intended to trade rice for oil.
As nations struggle with rising commodity prices and a lack of credit, the analysis concluded that exchange is the clearest example to date of how the triple financial, fuel, and food crisis is changing global trade.
Government-to-government bartering, a kind of commerce that hasn't been practised in decades, is expected to become more widespread as the private sector struggles to obtain financing for food imports, according to the United Nations' Food and Agricultural Organization.