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The Bank of Ghana (BoG) has introduced the Ghana Gold Coin as part of its domestic gold programme, aimed at absorbing excess liquidity from the banking sector while offering Ghanaians a new investment opportunity. This initiative seeks to stabilize the local currency and reduce reliance on the U.S. dollar.
At the Monetary Policy Committee (MPC) meeting on September 27, 2024, BoG Governor Dr. Ernest Addison announced that the coin will be available in three denominations—one-ounce, half-ounce, and quarter-ounce—and will be sold through commercial banks.
Also read: Bokpin: Ghana Gold Coin is not the solution to cedi depreciation.
The coin, made from 99.99% pure Ghanaian dowry gold, features the Ghanaian coat of arms on the front and the Independence Arch on the back, packaged in a wooden box with a certificate of ownership.
Dr. Addison explained that the introduction of the Ghana Gold Coin aligns with the central bank’s strategy to manage liquidity and promote gold as a secure investment option. It will also help reduce the hoarding of foreign currencies, particularly the U.S. dollar, strengthening the local economy. The coin will supplement BoG bills as a tool to mop up excess liquidity from the banking sector.
The next MPC meeting is scheduled for November 20-22, 2024, with the policy decision to be announced on November 25.
