The Bank of Ghana (BoG) has introduced the Ghana Gold Coin, a new investment vehicle designed to provide Ghanaians with an alternative to traditional financial products like treasury bills, bonds, and foreign currencies, particularly the US dollar.
This initiative, part of the central bank’s broader gold purchase programme, aims to curb the country’s reliance on foreign currency investments and strengthen the local economy.
Speaking at a press conference after the Monetary Policy Committee (MPC) meeting on Friday, 27 September 2024, Dr. Ernest Addison, the Governor of the Bank of Ghana, revealed that the gold coins will be made available to the public within the next two weeks and can be purchased in various sizes, including half-ounce and quarter-ounce options.
The coins will be sold through commercial banks across the country to meet diverse investment preferences.
Dr. Addison emphasised that the Ghana Gold Coin offers a new, secure way for citizens to invest locally without relying on the dollar or other foreign currencies.
“If you don’t buy dollars, you will buy treasury bills or bonds. We are giving you an opportunity from the domestic gold purchasing program to also buy gold. This is what we are trying to launch now, and we call it the Ghana Gold Coin,” Dr. Addison explained.
He added that the coins, which are manufactured from dory gold mined in Ghana and refined to 99% purity, provide a high-quality investment option and reflect Ghana’s rich natural resources.
This initiative forms part of the BoG’s strategic effort to stabilize the cedi and offer Ghanaians a valuable, local investment alternative amid growing demand for foreign currencies.
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