Ghana Launches First-Ever Gold Coin Tied to Local Currency
Ghana’s central bank launched a gold coin to encourage domestic savings and manage liquidity, available in October and priced based on the London Bullion Market Association auction price. The coin, refined to 99.99% purity, comes in one, half, and quarter-ounce options.
Despite this initiative and previous efforts like the “gold for oil” scheme, Ghana’s cedi continues to depreciate against the U.S. dollar, with the exchange rate reaching 15.77 cedis per dollar. The Bank of Ghana views the gold coin as an additional investment option for residents to support liquidity management.
Clever Robot News Desk 1st October 2024
