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Cryptocurrency News Articles
Bank of Ghana launches gold coin as alternative investment asset
Sep 27, 2024 at 09:43 pm
This is the first time the central bank is issuing gold coins as an alternative investment asset available to the general public.
The Bank of Ghana (BoG) has officially launched its gold coin, which will be available on the market within the next two weeks.
This marks the first time the central bank is issuing gold coins as an alternative investment asset available to the general public.
Speaking at a press conference in Accra on Friday, September 27, Governor of the BoG Dr Ernest Addison said the Ghana gold coin will also enable the bank to mop up extra liquidity in the banking sector
According to him, individuals can purchase the coin in three different ounce options at all commercial banks across the country.
“Now, if you don’t buy dollars, you will buy treasury bills or bonds. We are giving you an opportunity from the domestic gold purchasing programme to also buy gold. This is what we are trying to launch now and we call it Ghana gold coin,” he said.
“The Ghana gold coin is manufactured from gold dug out of Ghana which has been refined to 99% purity. It is issued and guaranteed by the bank of Ghana.”
Dr Addison added: “It will be available in three different units. That is the one-ounce coin, the half-ounce coin and the quarter ounce coin to suit different investment needs.
“The Ghana gold coin will help the Bank of Ghana 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 .”
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