THE Bank of Ghana (BOG) introduced a new gold coin called “Ghana Gold Coin (GGC)which offers Ghanaians a unique investment opportunity.
The initiative is part of the central bank’s efforts to promote its domestic gold purchase program and manage excess liquidity in the banking sector.
Here’s what you need to know about the newly released gold coin:
Investment Assets
GGC provides an alternative to traditional investments such as bonds and bonds. It aims to provide a safe investment, particularly as gold is known for holding value during economic turmoil.
Coin specifications
Coins come in three sizes: an ounce, half an ounce, and a quarter of an ounce, All refined to 99.99% purity from gold sourced locally in Ghana. This allows investors to buy based on their ability.
Availability
The gold coins will be available at all commercial banks in Ghana and pricing will be linked to the daily gold price based on London Bullion Market Association (LBMA) standards.
Repurchase option
GGC holders can sell their coins back to commercial banks or directly to the Bank of Ghana if necessary, ensuring liquidity for investors.
Purpose and impact
This initiative aims to reduce reliance on foreign currencies such as the US dollar for investment purposes. By encouraging Ghanaians to invest in locally sourced gold, it is also expected to help reduce pressure on the local currency, the cedi.
Packing
The coins are presented in high-quality packaging, including a wooden storage box, transparent coin holder and certificate of ownership, adding to their prestige as an investment item.
In summary, the Bank of Ghana gold coin is an innovative way for residents to diversify their portfolios while contributing to the country’s economic stability. It also positions gold as a democratic financial asset accessible to a wider audience.
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