The newly launched Ghana gold coin will enable the Bank of Ghana to mop up extra liquidity in the banking sector, Governor of the BoG Dr Ernest Addison, has said.
The Bank of Ghana (BoG) launched its gold coin which will be available on the market in the next two weeks in Accra on Friday September 27.
This is the first time the central bank is issuing gold coins as an alternative investment asset available to the general public.
Dr Addison who launched the coin at a press conference explained that the Ghana gold coin enables the Bank of Ghana to mop up extra liquidity in the banking sector
Individuals, he said, can purchase it 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,” he said.
“The Ghana gold coin is manufactured from gold dug out of Ghana which has been refined to 99% purity. It is issued and guaranteed by the bank of Ghana.”
Dr Addison added “It 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 overnight inflows for liquidity management, It gives savers an additional avenue to invest, rip the benefits of the BoG domestic gold purchase programme ”
“Each coin has the Ghana Coat of Arms in front and the Independence arch at the back ,” he said. adding that this initiative is to “deepen our financial markets by offering other avenues for savers to invest ”
