Gold trade with Africa has been one of the most profitable business ventures for foreign companies and immigrant billionaires. Tehran, the capital of Iran is seeking out potential solutions to preserve its gold trade with Africa by bartering its oil products for gold. The president of the Iran-Africa Council for Economic Cooperation, Mr. Hassan Khosrowjerdi said with the US sanctions on its banking, Iran will face big challenges in trading with other countries. In his words, “This could be resolved by establishing barter mechanisms with other countries, including those in Africa by using bartering schemes to facilitate trade between Iran and Africa.”
Mr. Khosrowjerdi pointed out that the country is specifically interested in gold trade with Africa but no specific country has been mentioned in its plan to barter its products with gold. However, Ghana which is Africa’s second largest gold exporter after South Africa could be a primary target since Iran already exports a wide range of oil products to Ghana. The country which is said to have intensified its gold purchase in recent times has previously been purchasing gold from mainly the UAE and South Africa. With its banking problems, its best solution may be to expand its gold trade with other African countries which are primarily rich in gold produce.
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