Bank Of Ghana Launches Gold Coins, Cheapest One Costs GH₵11,188.12
- The Bank of Ghana has finally made the Ghana Gold Coin (GGC) accessible to the public as an alternative investment model
- The coins are to help mop up excess liquidity from the Ghanaian market and bolster the economy
- The coins are available in three denominations: 0.25 oz, 0.50 oz and 1.00 oz
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The Bank of Ghana (BoG) has officially launched the Ghana Gold Coin (GGC) as a new financial instrument to diversify the public’s investment options.
The coins were made available on November 26, 2024, in three denominations: 0.25 oz, 0.50 oz and 1.00 oz.
Source: UGC
Their prices are set at GH₵11,188.12, GH₵22,409.74 and GH₵45,020.48 respectively.
According to the Central Bank, these prices were based on the previous day’s London Bullion Market Association (LBMA) PM gold price, which was set at $2,635.40, and the Bloomberg USD to GHS exchange rate of 15.7500.
The BoG said its introduction of gold coins offers the public an alternative and innovative investment avenue while supporting the country’s financial instrument portfolio.
It added that the initiative is geared towards absorbing excess liquidity in the Ghanaian market and boosting the local unit's strength against the world's strongest currencies.
The Bank of Ghana noted that the move aligns with its efforts to stabilise the economy and promote investment in Ghana’s gold reserve.
BoG promoting inclusivity with gold coins
An advisor at the Bank of Ghana, Dr Steve Opata, said the Central Bank was trying to ensure inclusivity with the coins.
He also told Metro TV that the Bank of Ghana eventually wanted to allow purchases with mobile money.
"We want to go into this project in phases, and as we gauge the success and roll this out, we will see that more people will be included."
The Bank of Ghana introduced the coins on September 27 as part of its efforts to provide Ghanaians with alternative investment options.
Bloomberg reported that the move is also geared at boosting savings.
The coins, scheduled to be available in different sizes, are part of the Central Bank's Responsible Gold Sourcing Policy Framework.
According to Dr. Opata, the Central Bank aims to increase inclusivity by introducing the coins.
Akufo-Addo commissions new BoG headquarters
YEN.com.gh previously reported that President Nana Akufo-Addo commissioned the new headquarters of the Bank of Ghana in Accra.
Akufo-Addo said the new Bank of Ghana building was a step in the right direction and proclaimed the launch had modernised Ghana’s financial infrastructure.
Initially, there were claims that as much as $250 million had been invested in the project. However, the Bank of Ghana denied these assertions.
Proofread by Samuel Gitonga, Copy Editor at YEN.com.gh
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Source: YEN.com.gh
