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BoG Gold Coin Prices Fall on Cedi Appreciation

8 months ago
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BoG Gold Coin Prices Fall on Cedi Appreciation

The Bank of Ghana’s gold coin minted in three denominations: 1.00 oz, 0.50 oz, and 0.25 oz, was on Thursday, December 5, 2024, priced at GH₵41,305, GH₵21,057, and GH₵10,964 respectively.

The December 5 pricing of the gold coin is a reduction from the November 26 prices of GH₵45,020, GH₵22,409, and GH₵11,188.12 respectively.

The reduction in prices is on the back of marginal gains made by the Cedi against the dollar.

Gains by the Cedi are likely to have been due to the successful completion of the country’s 3rd IMF review and the subsequent disbursement of the $300m tranche by the IMF.

The local currency according to the Central Bank has made appreciable gains against three major currencies – dollar, pound, and euro – since end-October to November.

The Cedi, the Central Bank notes, has recorded appreciation rates of 6%, 7.6%, and 9.1% against the dollar, pound and euro.

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The pricing of the gold coin is benchmarked against the previous day’s London Bullion Market Association (LBMA) PM gold price of $2,648, which was converted using Bloomberg’s USD to GHS exchange rate of 14.900.

The initiative is part of the central bank’s domestic gold programme, which aims to absorb excess market liquidity and strengthen the local currency amid persistent economic pressures.

By linking the Ghana Gold Coin to the country’s gold reserves, the Bank of Ghana seeks to bolster investor confidence and position the cedi against volatile global currencies.

Analysts see the move as a pragmatic step in leveraging Ghana’s gold assets to stabilize the broader economy.

The BoG stated that the programme underscores its commitment to innovative solutions for wealth preservation and economic resilience, aligning with global trends of gold as a hedge against inflation and currency depreciation.

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Tags: BoG Gold CoinBoG Gold Coin Prices Fall on Cedi Appreciation

Comments 1

  1. Kwadwo says:
    8 months ago

    Good moves

    Reply

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