The Bank of Ghana (BoG) has introduced the Ghana Gold Coin (GGC), a 99.99% pure gold coin, to help stabilize the cedi and create more investment opportunities. At the launch, BoG Governor Dr. Ernest Addison described the initiative as a significant milestone in Ghana’s financial market, offering a new avenue for savers while showcasing the nation’s rich gold heritage.
Economic Advantages
The GGC aims to absorb excess liquidity in the banking sector, complementing the BoG’s open market operations. “Gold has demonstrated remarkable resilience as a financial asset,” said Dr. Addison, highlighting its role as a hedge during economic turbulence.
Coin Features and Pricing
The GGC comes in three sizes—1 oz, 1/2 oz, and 1/4 oz—and can be purchased using cedis at commercial banks. Pricing is based on the previous day’s London Bullion Market Association Auction PM Price, with daily rates published on the BoG website.
Resale and Safeguards
Holders can sell their coins back to commercial banks, and BoG has measures in place to prevent money laundering, ensuring that the gold is sourced responsibly within Ghana.