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In a strategic move to diversify investment options for Ghanaians, the Bank of Ghana has launched the “Ghana Gold Coin,” providing an alternative asset for individuals seeking to invest in precious metals. This initiative is part of the central bank’s broader Responsible Gold Sourcing Policy Framework, aimed at promoting domestic gold investments.
The gold coins, which will be available for purchase at all commercial banks across the country in the next two weeks, were announced during the 120th Monetary Policy Committee (MPC) press briefing on September 27, 2024. Dr. Ernest Addison, Governor of the Bank of Ghana, outlined the details of the new investment vehicle, highlighting its accessibility and flexibility for investors.
According to Dr. Addison, the Ghana Gold Coin will be offered in three different sizes—half-ounce and quarter-ounce coins—catering to a range of investment needs. “If you’re not buying dollars, treasury bills, or bonds, we are now offering an alternative with the Ghana Gold Coin through the domestic gold purchasing program,” the governor stated.
The coins are minted from dory gold extracted locally and refined to 99.99% purity, making them a high-quality investment product. As an official product of the Bank of Ghana, these coins are issued and guaranteed by the central bank, ensuring trust and credibility for potential investors.
Dr. Addison also noted that the introduction of gold coins is part of the bank’s efforts to ease pressure on the local currency, as it offers a viable investment alternative for individuals who might otherwise seek to purchase and hold foreign currencies, particularly U.S. dollars. By encouraging domestic gold investments, the central bank aims to foster financial stability and reduce demand for foreign exchange reserves.
This launch marks a significant step towards enhancing Ghana’s gold market, promoting gold as a valuable investment, and supporting the nation’s broader economic objectives.
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