The Bank of Ghana's recently launched Gold Coin is currently facing a reduction in prices as the cedi continues to make some marginal gains against the US dollar.

The coin, minted in three denominations - 1.00 oz, 0.50 oz, and 0.25 oz - was priced at GH¢45,020, GH¢22,409, and GH¢11,188.12 on November 26, 2024.

However, as of December 5, 2024 the prices have dropped to GH¢41,305, GH¢21,057, and GH¢10,964 respectively.

The price drop is attributed to the marginal gains made by the cedi against the dollar, likely due to the successful completion of Ghana's third IMF review and the subsequent disbursement of a $300 million tranche by the IMF.

According to the Central Bank, the cedi has appreciated against three major currencies - the dollar, pound, and euro - from the end of October to November, with appreciation rates of 6%, 7.6%, and 9.1% respectively.

The initiative to introduce the gold coins, form part of the Central Bank's domestic gold program, 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 believes that the move would bolster investor confidence and position the cedi against volatile global currencies.



ID/MA

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