{"id":222077,"date":"2024-09-30T08:03:39","date_gmt":"2024-09-30T08:03:39","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/09\/30\/ghana-gold-coin-to-shore-up-cedi\/"},"modified":"2024-09-30T08:03:39","modified_gmt":"2024-09-30T08:03:39","slug":"ghana-gold-coin-to-shore-up-cedi","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/09\/30\/ghana-gold-coin-to-shore-up-cedi\/","title":{"rendered":"Ghana Gold Coin To Shore Up Cedi"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Dr. Ernest Addison \u2013 Governor of Bank of Ghana<\/strong><\/p>\n<p>\u00a0<\/p>\n<p>The Bank of Ghana (BoG) has launched the Ghana Gold Coin (GGC), a 99.99% pure gold coin, in a bid to stabilize the cedi and expand investment opportunities.<\/p>\n<p>\u201cLadies and Gentlemen, Distinguished Guests, I am honored to launch the Ghana Gold Coin (GGC), a development which marks a significant milestone in the Bank of Ghana\u2019s history,\u201d said Dr. Ernest Addison, Governor of the Bank of Ghana.<\/p>\n<p>According to Dr. Addison, \u201cThis initiative is a testament to our unwavering commitment to deepen financial markets by offering other avenues for savers to invest. It also serves as a significant reminder of our nation\u2019s rich gold heritage.\u201d<\/p>\n<p><strong>Economic Benefits<\/strong><\/p>\n<p>The GGC issuance enables the BoG to mop up extra cedi liquidity in the banking sector and will supplement the use of the Bank of Ghana Bills and overnight deposits for open market operations, Dr. Addison explained.<\/p>\n<p>\u201cThe GGC gives savers resident in Ghana an additional avenue to invest and reap the benefits from the Bank of Ghana\u2019s domestic gold purchase program. Gold has shown remarkable resilience as a financial asset and can serve as a natural hedge during periods of economic turbulence,\u201d he added.<\/p>\n<p><strong>Features of the Gold Coin<\/strong><\/p>\n<p>Dr. Addison outlined the key features of the GGC: \u201cThe GGC is issued and guaranteed by the Bank of Ghana and is available in three different sizes: namely 1 oz Coin, 1\/2 oz Coin, and 1\/4 oz Coin to suit different investment needs\u201d.<\/p>\n<p>\u201cEach coin has the Ghana Coat of Arms in front and the Independence Arch at the back. The packing includes the gold coin, a wooden storage box, a transparent coin holder, and a certificate of ownership.\u201d<\/p>\n<p><strong>Pricing and Purchase<\/strong><\/p>\n<p>Regarding pricing and purchase, Dr. Addison stated: \u201cFor now, the GGC can only be purchased in Ghana through a commercial bank using the Ghana Cedi, and the basis for pricing will be the previous day London Bullion Marketing Association (LBMA) Auction PM Price\u201d.<\/p>\n<p>\u201cThe applicable transaction exchange rate for pricing of the GGC shall be the United States Dollar against Ghana Cedi rate quoted using the previous day\u2019s close Bloomberg REGN Mid-Rate.\u201d<\/p>\n<p>He added that \u201cthe price of the GGC will be published on the Bank of Ghana website daily by 9:00 am GMT and applicable charges will apply.\u201d<\/p>\n<p><strong>Resale and Anti-Money Laundering Safeguards<\/strong><\/p>\n<p>Dr. Addison assured that \u201ca holder of a GGC can sell the coin to a commercial bank, the Bank of Ghana stands ready to buy and resell in situations where a commercial bank is not able to purchase a coin.\u201d<\/p>\n<p>He emphasized that \u201cgold used for the manufacture of the GGC are from traceable, responsibly mined sources in Ghana in line with the BoG\u2019s Responsible Gold Sourcing Framework. 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.\u201d<\/p>\n<p><strong>-BY Daniel Bampoe<\/strong><\/p>\n<p><!-- CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Ernest Addison \u2013 Governor of Bank of Ghana \u00a0 The Bank of Ghana (BoG) has launched the Ghana Gold Coin (GGC), a 99.99% pure gold coin, in a bid to stabilize the cedi and expand investment opportunities. \u201cLadies and Gentlemen, Distinguished Guests, I am honored to launch the Ghana Gold Coin (GGC), a development [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-222077","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - 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