The Bank of Ghana (BoG) has unveiled its gold coin, which will be available for purchase by investors within the next two weeks.
This marks the first time the central bank is offering gold coins as an alternative investment option to the public.
At a press conference in Accra on Friday, September 27, BoG Governor Dr. Ernest Addison explained that the Ghana gold coin provides the bank with a tool to absorb excess liquidity from the banking sector.
He noted that individuals will be able to purchase the coin in three different weight options at commercial banks nationwide.
“Currently, if you don’t buy dollars, you might invest in treasury bills or bonds. We are now offering an opportunity through the domestic gold purchasing program to invest in gold with the launch of the Ghana gold coin,” he explained.
The coin, manufactured from locally sourced gold refined to 99% purity, is issued and backed by the Bank of Ghana.
Dr. Addison further stated, “It will be available in three denominations: the one-ounce coin, the half-ounce coin, and the quarter-ounce coin, catering to different investment preferences.”
“The Ghana gold coin enables the Bank of Ghana to mop up extra liquidity in the banking sector and will supplement the use of Bank of Ghana bills and overnight inflows for liquidity management, It gives savers an additional avenue to invest, rip the benefits of the BoG domestic gold purchase programme ”
“Each coin has the Ghana Coat of Arms in front and the Independence arch at the back ,” he said. adding that this initiative is to “deepen our financial markets by offering other avenues for savers to invest ”
