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Cryptocurrency News Articles
Ghana Gold Coin (GGC): A New Investment Option For Ghanaians
Oct 04, 2024 at 01:51 am
Dr. Steve Opata, an advisor at the Bank of Ghana in an interview on Metro TV on Monday, September 30, 2024, revealed that individuals interested
The Ghana Gold Coin (GGC) is a premium coin crafted from responsibly mined Ghanaian gold, boasting a purity of 99.99%. Issued and guaranteed by the Bank of Ghana (BoG), the coin comes in three sizes: 1 oz, 1/2 oz, and 1/4 oz, catering to varying investment capacities.
Each coin proudly bears the Ghana Coat of Arms on its front and the iconic Independence Arch on its back, embodying national pride and economic aspirations.
The GGC is priced based on the previous day's London Bullion Market Association (LBMA) Auction Price. The exchange rate of the U.S. dollar against the Ghanaian cedi is also factored in using the previous day's Bloomberg Mid-Rate. The price of the coin is updated daily and published on the BoG website.
The introduction of the GGC forms part of the BoG's domestic gold purchase programme. Investing in gold serves as a natural hedge during periods of economic uncertainty, offering both stability and long-term value preservation.
With the GGC, the BoG aims to broaden access to this enduring financial asset and diversify the portfolios of local investors.
Interested buyers can purchase the GGC through commercial banks. To acquire a coin, individuals must place an order at their bank, indicating the desired weight and quantity.
Payments must be made through either bank or mobile money accounts; cash payments will not be accepted. Banks will facilitate these transactions by opening gold accounts on behalf of their customers.
Upon purchasing a GGC, buyers have the option to either retain their physical coins or entrust them to their commercial bank for safekeeping, usually at a minimal cost.
To sell the GGC, investors can check the current price on the BoG website or authorized platforms and proceed to place a sale order with their bank. The BoG guarantees the buyback of the coin if banks are unable to facilitate the transaction, subject to certain conditions and discounts.
The GGC is equipped with Veriscan Technology, a tool that empowers buyers to swiftly verify the authenticity of the coin. To utilize this service, users can download the Veriscan app from the Apple Store, select the Bank of Ghana as the coin's design, and use the app to scan the coin for confirmation of authenticity.
In line with its commitment to anti-money laundering (AML) and countering the financing of terrorism (CFT) efforts, the BoG has implemented stringent measures to ensure that all transactions fully comply with both national and international regulations.
Transactions involving the GGC will be closely monitored by commercial banks, ensuring that all buyers undergo identity verification and that the funds used are legitimate.
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!
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