BoG to Commence Issuance of Gold Coins as Investment Instrument

The Bank of Ghana has today launched the Ghana Gold Coin, which is expected to serve as a new investment instrument in the financial market.

The Bank of Ghana states that this move is part of its efforts to diversify investment portfolios for savers while addressing the growing demand for foreign exchange beyond trade purposes.

Launching the coin at the conclusion of the 120th Monetary Policy Committee (MPC) briefing, Governor of the Bank of Ghana, Dr. Ernest Addison, noted that the coins will help mop up excess liquidity while complementing other tools available to the central bank.

“Our new Ghana Gold Coin reflects the central bank’s commitment to deepening the financial market by offering savers additional investment options,” he told journalists in Accra.

“Everybody is rushing to buy dollars to save. You don’t need to do that if you have options,” he added.

According to the Bank of Ghana, the Gold Coin is manufactured from dore gold and refined to 99.9% purity. The coin, which will soon be issued by the Bank of Ghana, is set to be available in three different units: 1, 1/2, and 1/4 coin, which the Bank of Ghana says will suit various needs. Each coin is also expected to come with a certificate of ownership.

Source:ceditalk.com