BoG launches Gold Coin to discourage hoarding of dollars

The Bank of Ghana (BoG) has launched the Ghana Gold Coin as part of its domestic gold program to curb dollar hoarding and absorb excess market liquidity.

Available in one-ounce, half-ounce, and quarter-ounce denominations, the coins will be sold in commercial banks within two weeks. Manufactured from 99.99% pure Ghanaian gold, the coins are designed to strengthen the local currency.

Governor Dr. Ernest Addison highlighted that the initiative provides an additional investment avenue for Ghanaians.

Coin prices will be listed on the BoG’s website, with the next Monetary Policy Committee meeting scheduled for November 2024.