Ghana Advocates for Common African Currency to Buy Dangote Refinery Fuel.

Written on 02/11/2024

Legit NG

Ghana has suggested that African nations adopt a unified currency to purchase petroleum products from Nigeria's Dangote Refinery, aiming to reduce reliance on the U.S. dollar.

This proposal reflects Ghana’s interest in buying fuel from the Dangote Refinery when it reaches full capacity, as doing so would help minimize more costly fuel imports from Europe.

The head of Ghana's oil regulatory body stated that sourcing from Nigeria’s refinery could provide a more affordable alternative, supporting regional economic integration and reducing the burden of dollar demand on African economies.

Ghana advocates for a unified currency across the Economic Community of West African States (ECOWAS) members to facilitate fuel transportation from the Dangote Petroleum Refinery and streamline other business dealings.

Mustapha Abdul-Hamid, Chairman of Ghana's National Petroleum Authority, shared this proposal during the ongoing OTL Africa Downstream Energy Week in Lagos.

Abdul-Hamid highlighted that Africa's heavy reliance on the dollar places excessive strain on local currencies, causing them to depreciate.

He said, "To an extent, that doesn’t make a lot of sense to me. Therefore, we should move to a point whereby we actualize this goal of having a common currency for all of us. Our demand for dollars to import petroleum products puts pressure on our various currencies, driving petroleum product prices upwards."