Ghana Gold Coin goes on sale: A quarter ounce at GH₵11,188.12 on Nov. 26

The Bank of Ghana has released the pricing guidelines for Ghana Gold Coin (GGC) this week.

by the Bank of Ghana and is available in three different sizes including one ounce, half ounce and a quarter ounce.

Each coin has the Ghana Coat of Arms in front and the Independence Arch at the back.

The GGC is available in different weights to suit different investment needs.

They are:

• 1 oz Coin: Contains one ounce of pure gold and it is 34mm in dimension.

• 1/2 oz Coin: Contains half ounce of gold of pure gold and it is 27mm in dimension.

• 1/4 oz Coin: Contains a quarter ounce of pure gold and it is 22mm in dimension.

Commercial banks will be the main channel for the buying and selling of the GGC to the public.

Commercial banks can buy the GGC on behalf of their customers and as part of the process shall be required to open a gold account with the central bank to facilitate the transaction.

Pricing for the Ghana Gold Coin

Based on the Price quotes released by the Central Bank on Tuesday November 26, 2024 an ounce of Ghana Gold Coin (1.00 oz) will be bought or sold at GH₵45,020.

Half of an ounce (0.50 oz) will be sold for GH₵22,409. GH₵11,188 would get you a quarter of an ounce (0.25oz).

According to the Bank of Ghana, the coin can only be purchased in Ghana through a commercial bank using the cedi.

The basis for pricing will be the previous day London Bullion Marketing Association (LBMA) Auction PM Price.

The applicable transaction exchange rate for pricing of the coin will be the United States Dollar against the cedi rate quoted using the previous day close Bloomberg REGN Mid-Rate.

According to the Bank of Ghana, the coin is manufactured from dore gold that has been refined to 99.99% purity, to give the coin the original gold colour.

Commercial banks may charge customers a transaction fee for the resale of the GGC.

A uniform fee will be charged to cover associated value-added costs of the gold coin, and the wooden storage box incurred by the Bank of Ghana.

The Bank of Ghana explained that the coin will enable it to mop up extra cedi liquidity in the banking sector and will supplement the use of the Bank of Ghana Bills and overnight depo for the open market operations.

The Governor of the Bank of Ghana, Dr. Ernest Addison at the launch of the Ghana Gold Coin in September said the initiative will give residents in Ghana an additional avenue to invest and reap the benefits from the Bank of Ghana’s domestic gold purchase programme.