Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has revealed that the central bank will take a second look at the rollout of the gold coin initiative.
Dr. Asiama described the initiative as a good one but insisted that it was important to reassess its implementation strategy.
He disclosed this while answering questions during the 123rd Monetary Committee (MPC) press conference on Saturday, March 29.
Dr Asiama said, “Yes, the gold coin was introduced sometime last year. Broadly, gold and gold-related instruments have been doing pretty well, but the gold coin rollout needs to be looked at again.
“My information is that we have been meeting with banks, and we are trying to put some life back into it again. Very soon, you will see some action as far as the gold coin is concerned. It is a good investment alternative. If you notice, in this country, you can only do three things: you buy T-Bills, you buy fixed deposits, and you buy FX. But I believe there should be different alternatives, bonds, and what have you. So we are working on it; we will come back again on the gold coin.”
“We assure you that that will become a good instrument of choice for Ghanaians very soon,” he stressed.
The BoG in November 2024 launched the Gold Coin (GGC) as a new financial instrument to diversify investment options for the public.
As of November 26, 2024, the coins were available in three denominations: 1.00 oz, 0.50 oz, and 0.25 oz. Their prices are set at GH₵45,020.48, GH₵22,409.74, and GH₵11,188.12, respectively.
The pricing was based on the previous day’s London Bullion Market Association (LBMA) PM gold price, which stood at $2,635.40, and the Bloomberg USD to GHS exchange rate of 15.7500.
It was to absorb excess liquidity in the market and strengthen the local currency against major trading currencies as part of the domestic gold programme.
By: Rainbowradioonline.com/Ghana
