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Cryptocurrency News Articles
Bank of Ghana Launches Ghana Gold Coin (GGC) to Strengthen Local Currency
Nov 28, 2024 at 03:16 am
The Bank of Ghana (BoG) has officially launched the Ghana Gold Coin (GGC), a new gold-backed financial instrument designed to offer diverse investment options for Ghanaians while strengthening the local currency.
The Bank of Ghana (BoG) has introduced the Ghana Gold Coin (GGC), a gold-backed financial instrument offering varied investment options for Ghanaians and aiming to strengthen the local currency.
Available in three denominations from November 26, 2024, the GGC is priced based on the London Bullion Market Association (LBMA) PM gold price, which stood at $2,635.40 a day prior. The Bloomberg USD to GHS exchange rate of 15.7500 is also factored into the pricing.
The Ghana Gold Coin is part of the Bank of Ghana's broader domestic gold program, designed to absorb excess liquidity in the market and contribute to the stability of the Ghanaian cedi. By encouraging investment in the country's gold reserves, the Bank aims to support long-term economic stability and wealth creation for Ghanaians.
The GGC marks a significant step in enhancing the role of gold in Ghana's economic framework, complementing BoG's efforts towards innovative financial solutions and a more stable economic environment.
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