Governor of the Bank of Ghana (BoG), Dr Johnson Asiama

has announced that the central bank under his leadership is going to have a second look at the rollout of the gold coin initiative.

The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has said that the central bank is planning to have a second look at the rollout of the gold coin initiative.

He described the initiative as a good investment alternative however, it is important to reassess its implementation strategy.

Answering questions during the 123rd Monetary Committee (MPC) press conference on Saturday, March 28, Dr Asiama said, “Yes, the gold coin was introduced sometime last year. Broadly, gold and gold-related instruments have been doing pretty well, but the gold coin rollout needs to be looked at again.

“My information is that we have been meeting with banks, and we are trying to put some life back into it again. Very soon, you will see some action as far as the gold coin is concerned. It is a good investment alternative. If you notice, in this country, you can only do three things: you buy T-Bills, you buy fixed deposits, you buy FX. But I believe there should be different alternatives, bonds, and what have you. So we are working on it, we will come back again on the gold coin.”

“We assure that that will become a good instrument of choice for Ghanaians very soon,” he stressed.

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Read Also: Gold Coin: BoG asks commercial banks to implement robust anti-money laundering checks

Earlier this year, the BoG asked commercial banks to implement robust anti-money laundering, use of proceeds of crime, and countering the financing of terrorism (AML/CFT) and know your customer (KYC) diligence procedures in the sale of the gold coins to customers.

This follows the launch of the gold coin last year as part of the central bank’s strategy to provide the public with an alternative investment asset class.

The gold coins are available 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,” explained former Governor of the BoG, Dr Ernest Addison, during the launch last year.

“The Ghana gold coin is manufactured from gold which is being dug out of Ghana and has been refined to 99% purity. It is issued and guaranteed by the Bank of Ghana.”

He added that the gold coins 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 enables the Bank of Ghana to mop up extra liquidity in the banking sector and will supplement the use of Bank of Ghana bills and /or overnight inflows for liquidity management, It gives savers an additional avenue to invest, reap the benefits of the BoG domestic gold purchase programme and enjoy capital gains from the gold price movements in the international market.”