The Bank of Ghana (BoG) has unveiled the Ghana Gold Coin, a new investment initiative designed to reduce dollar hoarding.
As part of the domestic gold program, this initiative aims to absorb excess liquidity in the market and strengthen the local currency against major trading currencies.
The coin will be available in three denominations: one ounce, half ounce, and quarter ounce, and will be sold in commercial banks within two weeks.
During the Monetary Policy Committee (MPC) meeting on Friday, September 27, Dr. Ernest Addison, Governor of the Bank of Ghana, announced that the coin prices would be published on the BoG’s website.
“The Ghana Gold Coin is made from dowry gold dug in Ghana and refined to 99.99 percent purity. The Board of Governors issues and guarantees it.
“It will be available in three different units. To suit different investment dates, there are three sizes of coins: one ounce, half ounce, and quarter ounce. Each coin features the Ghana quote of arms in the front and the Independence Arch in the back.
“The gold coin will be packaged in a wooden story box, a transparent coin holder, and an ownership certificate. Ghana Gold allows the BoG to secure additional liquidity from the banking sector, supplementing the use of BoG bills. It provides Ghanaian savers with an additional avenue to invest and benefit from the BoG’s domestic gold purchase programme.”
This strategic move is consistent with the Bank of Ghana’s efforts to stabilize the economy and increase investment in Ghana’s gold reserves.
The next Monetary Policy Committee meeting is scheduled for November 20-22, 2024. The
The meeting will conclude on Monday, November 25, 2024, with the announcement of the policy.
