"BoG Gold Coin Prices Fall on Cedi Appreciation"

" BoG Gold Coin Prices Fall on Cedi Appreciation \r\n\r\nThe 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\u20b541,305, GH\u20b521,057, and GH\u20b510,964 respectively.\r\n\r\nThe December 5 pricing of the gold coin is a reduction from the November 26 prices of GH\u20b545,020, GH\u20b522,409, and GH\u20b511,188.12 respectively.\r\n\r\nThe reduction in prices is on the back of marginal gains made by the Cedi against the dollar.\r\n\r\nGains by the Cedi are likely to have been due\u00a0to the successful completion of the country's 3rd IMF review and the subsequent disbursement of the $300m tranche by the IMF.\r\n\r\nThe local currency according to the Central Bank has made appreciable gains against three major currencies \u2013 dollar, pound, and euro \u2013 since end-October to November.\r\n\r\nThe Cedi, the Central Bank notes, has recorded appreciation rates of 6%, 7.6%, and 9.1% against the dollar, pound and euro.\r\n\r\nThe pricing of the gold coin is benchmarked against the previous day\u2019s London Bullion Market Association (LBMA) PM gold price of $2,648, which was converted using Bloomberg\u2019s USD to GHS exchange rate of 14.900.\r\n\r\nThe initiative is part of the central bank\u2019s domestic gold programme, which aims to absorb excess market liquidity and strengthen the local currency amid persistent economic pressures.\r\n\r\nBy linking the Ghana Gold Coin to the country\u2019s gold reserves, the Bank of Ghana seeks to bolster investor confidence and position the cedi against volatile global currencies.\r\n\r\nAnalysts see the move as a pragmatic step in leveraging Ghana\u2019s gold assets to stabilize the broader economy.\r\n\r\nThe 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."

"BoG Gold Coin Prices Fall on Cedi Appreciation"

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