Bank of Ghana Launches ‘Ghana Gold Coin’ as Alternative Investment Option

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Bank of Ghana Launches 'Ghana Gold Coin' as Alternative Investment Option

In a move to offer Ghanaians an alternative investment opportunity, the Bank of Ghana has introduced the 'Ghana Gold Coin'. The initiative, part of the central bank's Responsible Gold Sourcing Policy Framework, aims to provide a new way for citizens to invest in gold.

At the 120th Monetary Policy Committee (MPC) press briefing held on September 27, 2024, the Bank of Ghana Governor, Dr. Ernest Addison, announced that the coins will be available for purchase at all commercial banks across the country within the next two weeks.

Dr. Addison explained that the 'Ghana Gold Coin' will come in three different sizes to cater to varying investment needs: a half-ounce coin and a quarter-ounce coin, giving Ghanaians more flexibility in their gold investments.

"If you're not buying dollars, treasury bills, or bonds, we're giving you the opportunity through the domestic gold purchasing program to buy gold. This is what we are launching as the Ghana Gold Coin," Dr. Addison explained.

The coins, manufactured from dory gold refined to 99.99% purity, will be issued and guaranteed by the central bank, ensuring their authenticity. Dr. Addison added that the introduction of these gold coins is expected to reduce pressure on the local currency, providing a viable investment option for individuals who typically purchase and hoard foreign currencies like the dollar.

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They are not legal tender coins but medals. Interesting that after Zimbabwe, now also Ghana launches such an initiative. Below a visual and two photos can be seen of the pieces. On its obverse they depict the coat of arms of Ghana, on their reverse the Independence Arch. The pieces can be used with Veriscan technology, developed by PAMP, to verify their authenticity.