Gold investment simplified: Bank of Ghana rolls out Ghana Gold Coin
The Bank of Ghana has introduced the Ghana Gold Coin (GGC), a new way for Ghanaians to invest in gold. These coins, made from 99.99% pure gold, come in three sizes to suit different budgets:
– 1 ounce (oz): Costs GH₵45,020 and is 34mm wide.
– 1/2 ounce: Costs GH₵22,409 and is 27mm wide.
– 1/4 ounce: Costs GH₵11,188 and is 22mm wide.
Each coin features the Ghana Coat of Arms on one side and the Independence Arch on the other.
The GGC is sold through commercial banks. Banks will buy the coin on behalf of their customers and must set up a “gold account” with the Bank of Ghana to handle transactions. The coins can only be purchased in Ghana using the cedi.
The price of the coin is based on the international gold price (from the London Bullion Marketing Association) and the dollar-to-cedi exchange rate from the previous day. Banks may charge a transaction fee to cover costs like the wooden storage box for the coin.
The Bank of Ghana says this initiative will help control the amount of extra cedi circulating in the economy. It will also provide Ghanaians with a secure way to invest and benefit from gold, which is a reliable financial asset.
Dr. Ernest Addison, Governor of the Bank of Ghana, explained during the coin’s launch in September: “The issuance of the GGC democratizes access to this enduring financial asset, enabling residents to diversify their financial portfolios.”