The Bank of Ghana (BoG) has introduced the Ghana Gold Coin, an innovative investment option designed to curb dollar hoarding and enhance the strength of the local currency against major foreign currencies.
This initiative, part of a broader domestic gold program, aims to absorb excess liquidity from the market. The Ghana Gold Coin will be offered in three denominations: one ounce, half ounce, and a quarter ounce, and will be available for purchase at commercial banks within the next two weeks.
During the Monetary Policy Committee (MPC) meeting on September 27, Dr. Ernest Addison, Governor of the BoG, stated that pricing details for the coins will soon be accessible on the BoG’s official website.
Manufactured from locally sourced dowry gold, the coins boast a remarkable purity of 99.99 percent and are both issued and guaranteed by the BoG. Each coin features the Ghana coat of arms on one side and the Independence Arch on the reverse.
To enhance the presentation, the gold coins will come packaged in a wooden story box with a transparent coin holder and a certificate of ownership. The introduction of the Ghana Gold Coin allows the BoG to effectively manage excess liquidity in the banking sector and complements existing BoG bills. This initiative also provides Ghanaian residents with a new investment opportunity within the framework of the BoG’s domestic gold purchase program, ultimately supporting the nation’s economic stability.
“The Ghana Gold Coin is manufactured from dowry gold dug out of Ghana which has been refined to 99.99 per cent purity. It is issued and guaranteed by the BoG.
“It will be available in three different units. That is the one-ounce coin, the half-ounce coin and the quarter-ounce coin to suit different investment dates. Each coin has the Ghana quote of arms in front and the independence arch at the back.
“The packing of the gold coin will be a wooden story box, a transparent coin holder and a certificate of ownership. The Ghana Gold enables the BoG to mop up extra liquidity from the banking sector and will supplement the use of our BoG bills… It gives savers residence in Ghana, an additional avenue to invest, and reap the benefits of the BoG domestic Gold purchase programme.”
The next MPC meeting is set for November 20-22, 2024, concluding with an announcement of policy decisions on November 25, 2024.