The Bank of Ghana (BoG) has launched the Ghana Gold Coin, a new investment tool designed to discourage dollar hoarding.
As part of the domestic gold programme, the 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 coins, and will be sold in commercial banks within two weeks. Pricing details will be published on the BoG website.
Dr. Ernest Addison, Governor of the Bank of Ghana, announced the launch in Accra on Friday, noting that the Ghana Gold Coin is made from Ghanaian gold, refined to 99.99% 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 coat of arms in front and the independence arch at the back.”
“The packaging of the 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 resident in Ghana an additional avenue to invest, and reap the benefits of the BoG domestic Gold purchase programme.”
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