Gold Coin Prices Continue Descent Amid Appreciating Cedi
Prices of the Bank of Ghana’s gold coin continue to decline on the back of the appreciation of the local currency.
Prices of the gold coin minted in three denominations – 1oz, 0.5oz, and 0.25oz dropped marginally to GHS 41,206; GHS 21,004; and GHS 10,933 respectively at the close of last week – Friday, December 13, 2024.
A week prior, the prices of the three gold coins were GHS 41,305; GHS 21,057; and GHS 10,964 respectively.
The reduction in the prices of the gold coin was due to a week-on-week appreciation of the Cedi from GHS 14.90 to $1 the previous week to GHS 14.67 to $1 last week.
The pricing of the gold coin is benchmarked against the previous day’s London Bullion Market Association (LBMA) PM gold price.
At the close of last week, the LBMA PM price stood at $2,684.35
The gold coin 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.
