Monday, January 28th 01:58 PM IST

Ghana latest to join Gold for Oil trade with Iran

# Ghana gold refinery  # Bank of Ghana  # Iran gold  

They agreed on the fact that Iran continued to accumulate gold to circumvent U.S. led sanctions and would approach all energy hungry nations to trade with it with gold.

ACCRA(BullionStreet): West African nation Ghana may have send the 1.5 tons of Gold to Iran via Turkey as a barter-trade system, analysts said.

They said the 1.5 tons of gold, worth some $80million, is said to be Ghana's financial commitments to Iran over a transaction.

They added that gold was paid to Iran as Ghana made a large crude purchase for it's recently reopened Tema Oil Refinery.

Analysts however said there was no such arrangement between Ghana and Iran to the effect that the country's financial commitments to Iran have to be paid in gold.

They agreed on the fact that Iran continued to accumulate gold to circumvent U.S. led sanctions and would approach all energy hungry nations to trade with it with gold.

In early January, Turkish authorities seized the stash of gold in a Turkish Airline cargo plane bound for Dubai en route to Istanbul's Ataturk Airport in Turkey.

Meanwhile, Turkish banks continue to send gold to Iran despite U.S. pressure to curb a booming gold-for-gas trade, which helps Iran skirt international sanctions.

Turkey's energy needs heavily depend on Iran at the moment and diversifying it takes time and can be expensive, analysts said.

Turkey continues to provide the lion’s share of Tehran's demand for gold as annual trade last year hit $11 billion.

Turkey offically confirmed last November that Tehran pays for the gold from the Turkish Lira payments it receives for its gas exports to Turkey.

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