The Ghana Gold Coin (GGC) was introduced by the Bank of Ghana (BoG) to provide Ghanaians with an alternative investment option.
The GGC coin retains its original gold color since it is made of dore gold that has been purified to 99.99% purity.
The Independence Arch is on the reverse of each coin, while the Ghana Coat of Arms is on the front.
The gold coin, a wooden storage box, a clear coin holder, and an ownership certificate are all included in the packaging.
The Central Bank Governor, Dr. Ernest Addison who unveiled the plan at the Monetary Policy Committee (MPC) news briefing, claimed that the Coin issuance will complement the usage of Bank of Ghana Bills and overnight depo for open market operations and allow the BOG to absorb excess cedi liquidity in the banking sector.
It provides Ghanaian savers with an extra way to invest and profit from the Bank of Ghana’s domestic gold purchasing program.
According to him, gold has shown to be an incredibly resilient financial asset and can act as a natural hedge during unstable economic times.
The issuing of GGCs allows residents to diversify their financial portfolios by democratizing access to this stable financial asset.
According to him, the London Bullion Marketing Association (LBMA) Auction PM Price from the previous day will serve as the foundation for pricing, and as of right now, the Coin may only be acquired in Ghana through a commercial bank using Ghana Cedi.
He indicated that the US dollar against the Ghana cedi rate, as quoted using the Bloomberg REGN Mid-Rate from the previous day’s closing, would be the relevant transaction exchange rate for coin pricing.
A GGC holder might sell the coin to a commercial bank, he said, adding that the Bank of Ghana was prepared to buy and resell in cases where a commercial bank was unable to purchase a coin that was due.
“Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) safeguards are in place to ensure that the buying and selling of the GGCs is devoid of criminal financial activities,” he added
Dr. Addison stated that in order to shed further light on the GGC issuance, the BoG would release a questions and answers document.
The Central Bank’s dedication to innovation, expanding the financial markets, and giving citizens new ways to invest in Ghana, he claimed, is demonstrated by the issuance of the GGC.
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