All you need to know about the Ghana Gold Coin
Ghana is set to introduce its highly anticipated Ghana Gold Coin (GGC), giving residents a new avenue for investment.
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Dr. Steve Opata, an advisor at the Bank of Ghana in an interview with Metro TV's Bottomline programme on Monday, September 30, 2024, revealed that individuals interested in acquiring the coin will need a minimum of GH¢10,000 to make a purchase.
The coins will be available through commercial banks, and are expected to trade starting from this amount.
What is the Ghana Gold Coin (GGC)?
The Ghana Gold Coin is a premium coin made from responsibly mined gold in Ghana, refined to 99.99% purity. Issued and guaranteed by the Bank of Ghana (BoG), the coin will be available in three sizes: 1 oz, 1/2 oz, and 1/4 oz, allowing for flexibility in investment amounts. Each coin features the Ghana Coat of Arms on the front and the iconic Independence Arch on the back, symbolizing national pride and economic growth.
Pricing and availability
The GGC will be priced based on the London Bullion Market Association (LBMA) Auction Price from the previous day. Additionally, the exchange rate of the U.S. dollar against the Ghanaian cedi will be factored in using the previous day's Bloomberg Mid-Rate. The price of the coin will be updated daily and published on the BoG website.
Why invest in the Ghana Gold Coin?
According to Dr. Opata, the introduction of the GGC is part of the BoG’s domestic gold purchase programme. Investing in gold provides a natural hedge during economic uncertainty, offering stability and a long-term store of value. By introducing the GGC, the BoG aims to broaden access to this enduring financial asset and diversify the portfolios of local investors.
How to buy the Ghana Gold Coin
Interested buyers can purchase the GGC through commercial banks. To buy a coin, individuals must place an order at their bank, specifying the desired weight and quantity. Payments must be made through bank or mobile money accounts, as cash payments will not be accepted. Banks will facilitate transactions by opening gold accounts on behalf of their customers.
Can I store the coin safely?
Buyers have the option to keep their physical coins or deposit them with their commercial bank for safekeeping, often at a marginal fee.
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How to sell the Ghana Gold Coin
To sell the GGC, investors can check the current price on the BoG website or through authorized platforms and place a sale order with their bank. The BoG guarantees the buyback of the coin if banks are unable to facilitate the transaction, though certain conditions and discounts may apply.
Ensuring authenticity
The GGC is equipped with Veriscan Technology, a tool that allows buyers to verify the authenticity of the coin. Users can download the Veriscan app from the Apple Store, select the Bank of Ghana as the coin's design, and use the app to scan the coin for confirmation of authenticity.
Anti-money laundering measures
The BoG has implemented stringent anti-money laundering (AML) and countering the financing of terrorism (CFT) measures to ensure that all transactions comply with national and international regulations. Transactions involving the GGC will be closely monitored by commercial banks, ensuring that all buyers undergo identity verification and that funds used are legitimate.
Read the BoG FAQ below;