Bank of Ghana Introduces Gold Coin to to Mop Up Excess Liquidity
The Bank of Ghana has launched a new gold coin, designed to provide investors with a unique opportunity to diversify their portfolios. The Ghana Gold Coin, which is available in various weights, is made from 99.99% pure gold and features the country's coat of arms and independence arch.
According to the central bank, the gold coin is part of a broader effort to promote financial inclusion and provide investors with a stable and secure asset. The coin can be purchased through commercial banks, which will also facilitate the resale of the coins.
The basis for pricing will be the previous day London Bullion Marketing Association (LBMA) Auction PM Price.
Based on the Price quotes released by the Central Bank on Tuesday November 26, 2024 an ounce of Ghana Gold Coin (1.00 oz) will be bought or sold at GH₵45,020.
Half of an ounce (0.50 oz) will be sold for GH₵22,409. GH₵11,188 would get you a quarter of an ounce (0.25oz).
The introduction of the gold coin is also seen as a way to mop up excess liquidity in the banking sector and to provide an alternative to traditional investment options. The Bank of Ghana has emphasized that the gold coin is a secure and reliable investment, backed by the central bank's guarantee.
The Governor of the Bank of Ghana, Dr. Ernest Addison at the launch of the Ghana Gold Coin in September said the initiative will give residents in Ghana an additional avenue to invest and reap the benefits from the Bank of Ghana’s domestic gold purchase programme.
“The issuance of the GGC democratizes access to this enduring financial asset, enabling residents to diversify their financial portfolios,” Dr. Addison said.
“The issuance of the GGC broadens access to this enduring financial asset, enabling investors to diversify their financial portfolios.” He added.
The launch of the gold coin is part of a broader effort by the Bank of Ghana to promote financial stability and inclusion. The central bank has been working to develop new financial products and services that cater to the needs of a diverse range of investors.
Source: Lead News Online
