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HomeNewsBusinessBank of Ghana launches gold coin to boost cedi and investments

Bank of Ghana launches gold coin to boost cedi and investments

The Bank of Ghana (BoG) has introduced the Ghana Gold Coin (GGC), a new gold-backed financial instrument aimed at providing diverse investment options for Ghanaians while stabilising the local currency.

Effective November 26, 2024, the GGC is available in three denominations:

  • 1.00 oz priced at GH₵45,020.48,
  • 0.50 oz at GH₵22,409.74,
  • 0.25 oz at GH₵11,188.12.

The coin’s value is tied to the London Bullion Market Association (LBMA) PM gold price, which stood at $2,635.40, and the Bloomberg USD to GHS exchange rate of 15.7500 as of the previous day.

As part of BoG’s domestic gold program, the initiative is designed to reduce excess market liquidity and strengthen the Ghanaian cedi. It also aims to encourage investment in Ghana’s gold reserves, promoting long-term economic stability and wealth creation.

The Ghana Gold Coin underscores the central bank’s commitment to innovative financial solutions and solidifying the role of gold in the country’s economic framework.