|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cryptocurrency News Articles
Bank of Ghana Launches Ghana Gold Coin (GGC) to Create Alternate Investment for Ghanaians
Sep 28, 2024 at 04:13 pm
The GGC is a coin manufactured from dore gold that has been refined to 99.99% purity, which gives the coin the original gold colour.
The Bank of Ghana (BoG) has introduced the Ghana Gold Coin (GGC) as a new investment option for Ghanaians.
The GGC is made from dore gold that has been refined to 99.99% purity, giving it the original gold colour.
Each coin features the Ghana Coat of Arms on one side and the Independence Arch on the other.
It comes packaged with a wooden storage box, a transparent coin holder and a certificate of ownership.
According to Dr Ernest Addison, the Governor of the Central Bank, who unveiled the initiative at the Monetary Policy Committee (MPC) press briefing, the coin issuance will allow the Bank to mop up excess cedi liquidity in the banking sector, complementing the use of the Bank of Ghana Bills and overnight deposit for open market operations.
“It provides an additional avenue for resident savers in Ghana to participate and benefit from the Bank of Ghana’s domestic gold purchase programme,” he said.
Highlighting the resilience of gold as a financial asset, especially during periods of economic turbulence, Dr Addison noted that the GGC democratises access to this enduring financial instrument, enabling residents to diversify their financial portfolios.
For now, the Coin can only be purchased in Ghana through a commercial bank using the Ghana cedi, he said, and the basis for pricing will be the previous day London Bullion Marketing Association (LBMA) Auction PM Price.
The applicable transaction exchange rate for pricing of the coin will be the United States Dollar against Ghana Cedi rate quoted using the previous day close Bloomberg REGN Mid-Rate.
“The price of the GGC will be published on the Bank of Ghana website daily by 9:00 am GMT and applicable charges will apply,” he added.
A holder of a G CGC may sell the coin to a commercial bank, and the Bank of Ghana will be prepared to buy and resell in situations where a commercial bank is unable to purchase a coin due.
The Governor noted that the gold used for the manufacture of the GGC is sourced from traceable, responsibly mined sources in Ghana, in line with the BoG’s Responsible Gold Sourcing Framework.
“Anti-Money Laundering/Countering the Financing of Terrorism (AML/CFT) safeguards are in place to ensure that the buying and selling of the GGCs is devoid of criminal financial activities,” he added.
Dr Addison said the BoG will publish a questions and answers document to provide more insight into the GGC issuance.
He concluded by stating that the issuance of the GGC is a testament to the Central Bank’s commitment to innovation, deepening of the financial markets and providing more avenues for residents to invest in Ghana.
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
-
- Five Promising Digital Assets Ready to Soar
- Sep 28, 2024 at 10:15 pm
- Cryptocurrency investors are buzzing as a potential market surge looms. The focus shifts to a select group of altcoins poised for impressive gains.
-
- A Well-Known Trader Who Correctly Predicted the Bitcoin Bear Market Bottom Now Suggests Altcoins Are Gearing up for a Major Surge
- Sep 28, 2024 at 10:15 pm
- The forthcoming article reveals his key selections anticipated to excel in the market. Delve into the insights and discover which cryptocurrencies
-
- Bitcoin (BTC) Price Crosses the $66k Milestone, Before Correcting Its Levels
- Sep 28, 2024 at 10:15 pm
- Hamster Kombat’s HMSTR token airdrop creates buzz. Binance, ex-CEO Changpeng Zhao’s release pumps BNB coin price.
-
- CYBRO Presale Exceeds $2.5 Million: A One-in-a-Million Next GEN DeFi Investment Opportunity
- Sep 28, 2024 at 10:15 pm
- CYBRO is capturing the attention of crypto whales as its exclusive token presale quickly surges above $2.5 million. This next-generation DeFi platform offers investors unparalleled opportunities to maximize their earnings in any market condition.
-
- Ethereum Transaction Fees Have Been Rising Again Recently. Here's What Could Be Behind This Trend
- Sep 28, 2024 at 10:15 pm
- On-chain data shows that Ethereum transaction fees have been rising again recently. Here's what could be behind this trend.
-
- October 2024 Is Shaping Up to Be a Pivotal Month for Cryptocurrency Enthusiasts
- Sep 28, 2024 at 10:15 pm
- With market indicators pointing toward a significant breakout, certain digital currencies are poised for extraordinary growth. This article identifies five cryptocurrencies set to surge, potentially offering staggering returns.
-
- Benzinga Bulls And Bears Of The Week: Apple iPhone To Fuel 96% Of 2025 Revenue, Analyst Predicts; Tesla Bull Dampens Enthusiasm Regarding 10/10 Robotaxi Event
- Sep 28, 2024 at 10:15 pm
- Benzinga examined the prospects for many investors' favorite stocks over the last week — here's a look at some of our top stories.
-
- Shiba Inu Surpasses Projected Prices Ahead of Schedule
- Sep 28, 2024 at 10:15 pm
- In the last six months, Shiba Inu has traded above $0.00001; this week, it has recaptured the $0.00002 level. It is currently gaining momentum to break back
-
- CYBRO Defies Market Headwinds, Empowering DeFi Investments with Smart AI Solutions
- Sep 28, 2024 at 10:15 pm
- CYBRO is revolutionizing the DeFi landscape by harnessing the power of artificial intelligence to maximize earning potential on the Blast blockchain.