Bank of Ghana unveils Ghana Gold Coin to curb Dollar hoarding and boost local currency
The Bank of Ghana (BoG) has introduced the Ghana Gold Coin as part of its domestic gold programme, aiming to reduce dollar hoarding and strengthen the local currency. This new investment initiative seeks to absorb excess liquidity in the market and promote investment in the country’s gold reserves.
The Ghana Gold Coin will be available in three denominations: a one-ounce coin, a half-ounce coin, and a quarter-ounce coin. These will be sold in commercial banks within the next two weeks. Dr. Ernest Addison, Governor of the Bank of Ghana, made the announcement during the Monetary Policy Committee (MPC) meeting on Friday, September 27, stating that prices for the coins will be published on the BoG’s website.
“The Ghana Gold Coin is made from Ghanaian gold, refined to 99.99% purity. Issued and guaranteed by the BoG, the coin will come in three units to accommodate different investment needs. Each coin will feature the Ghana coat of arms on the front and the Independence Arch on the back,” Dr. Addison explained.
The packaging will include a wooden display box, a transparent coin holder, and a certificate of ownership. This initiative provides Ghanaians with an additional avenue for investment, supplementing BoG bills and helping to stabilize the economy.
The next Monetary Policy Committee meeting is scheduled for November 20-22, 2024, with a policy decision to be announced on November 25, 2024.
