BoG Gold Coin now on Sale: Prices range from GH₵ 11,000 to GH₵ 45,000
The Bank of Ghana(BoG) has released pricing guidelines for the Ghana Gold Coin (GGC), a gold investment product issued and guaranteed by the central bank.
The GGC is available in three sizes: one ounce, half an ounce, and a quarter ounce, each featuring the Ghana Coat of Arms on one side and the Independence Arch on the other.
Coin specifications:
- 1 oz Coin: Contains 1 ounce of pure gold, 34mm in diameter.
- 1/2 oz Coin: Contains 0.5 ounces of pure gold, 27mm in diameter.
- 1/4 oz Coin: Contains 0.25 ounces of pure gold, 22mm in diameter.
The coins are designed to cater to varying investment preferences and are produced from 99.99% pure gold, refined from dore gold, ensuring their rich, authentic colour.
Pricing Details:
As of November 26, 2024, the Bank of Ghana announced the following prices:
- 1 oz Coin: GH₵45,020
- 1/2 oz Coin: GH₵22,409
- 1/4 oz Coin: GH₵11,188
The coin’s pricing is based on the previous day’s London Bullion Marketing Association (LBMA) Auction PM price, converted to cedis using the prior day’s Bloomberg REGN Mid-Rate.
The GGC can only be purchased in Ghanaian cedis through commercial banks, which will facilitate transactions by opening gold accounts with the central bank. Banks may charge a uniform transaction fee covering value-added costs, including packaging in a wooden storage box.
Purpose and Benefits:
The Bank of Ghana introduced the GGC as part of its domestic gold purchase programme to:
- Absorb excess cedi liquidity in the banking system.
- Complement open market operations using Bank of Ghana Bills and overnight deposits.
- Provide Ghanaians with a secure, enduring investment option.
At the launch in September, Dr Ernest Addison, Governor of the Bank of Ghana, stated: “The issuance of the Ghana Gold Coin democratizes access to this enduring financial asset, enabling residents to diversify their financial portfolios while benefiting from the Bank’s gold purchase program.”
This initiative is a significant step in broadening investment options and fostering financial security in Ghana.