Ghana’s central bank has unveiled pricing details for the Ghana Gold Coin (GGC), offering citizens a new investment vehicle tied to the nation’s gold reserves.

The Bank of Ghana (BoG) announced that the GGC, issued and guaranteed by the central bank, is available in three weights: one ounce, half an ounce, and a quarter ounce. Each coin features the Ghana Coat of Arms on the obverse and the Independence Arch on the reverse.

“The issuance of the GGC democratises access to this enduring financial asset, enabling residents to diversify their financial portfolios,” BoG governor Dr Ernest Addison said at the coin’s launch in September.

According to Joy News, the initiative is part of the Bank of Ghana’s domestic gold purchase programme, aimed at stabilising the economy and managing liquidity. 

In addition to providing an investment option, the gold coin programme is expected to aid in mopping up excess cedi liquidity in the banking sector, supplementing existing monetary tools such as BoG Bills and overnight deposits.

Investment details

The coins are tailored to meet varying investment needs:
    •    1 oz Coin: Contains one ounce of pure gold, measuring 34mm in diameter, priced at GHS45,020 ($2900).
    •    1/2 oz Coin: Contains half an ounce of pure gold, measuring 27mm, priced at GHS22,409 ($1445).
    •    1/4 oz Coin: Contains a quarter-ounce of pure gold, measuring 22mm, priced at GHS11,188 ($721).

Prices are tied to the London Bullion Market Association (LBMA) Auction PM price from the previous trading day. Exchange rates are based on the previous day’s Bloomberg REGN Mid-Rate of the US dollar to the Ghanaian cedi.

The GGC is available exclusively in Ghana through commercial banks, which act as intermediaries between customers and the central bank. To facilitate transactions, commercial banks must open gold accounts with the BoG. Purchases are made solely in cedis.

The coins are manufactured from refined dore gold, achieving 99.99% purity for a characteristic gold hue. The pricing includes a uniform fee to cover value-added costs and a wooden storage box provided by the central bank.