The Bank of Ghana (BOG) has introduced a new gold coin called the “Ghana Gold Coin” (GGC), which offers Ghanaians a unique investment opportunity.
This initiative is part of the central bank’s efforts to promote its domestic gold purchase program and manage excess liquidity in the banking sector.
Here’s what you need to know about the newly launched gold coin:
Investment Asset
The GGC provides an alternative to traditional investments like treasury bills and bonds. It’s aimed at offering a secure investment, particularly as gold is known for maintaining value during economic turbulence.
Coin Specifications
The coins come in three sizes: one-ounce, half-ounce, and quarter-ounce, all refined to 99.99% purity from gold sourced locally in Ghana. This allows investors to buy based on their capacity.
Availability
The gold coins will be available at all commercial banks in Ghana, and pricing will be linked to the daily price of gold based on the London Bullion Market Association (LBMA) standards.
Buyback Option
Holders of the GGC can sell their coins back to commercial banks or directly to the Bank of Ghana if necessary, ensuring liquidity for investors.
Purpose and Impact
This initiative aims to reduce reliance on foreign currencies like the US dollar for investment purposes. By encouraging Ghanaians to invest in locally sourced gold, it is also expected to help ease pressure on the local currency, the cedi.
Packaging
The coins are presented in a high-end package, which includes a wooden storage box, a transparent coin holder, and a certificate of ownership, adding to their prestige as an investment item.
In summary, the Bank of Ghana’s gold coin is an innovative way for residents to diversify their portfolios while contributing to the country’s financial stability. It also positions gold as a democratic financial asset accessible to a wider public.
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