Gold Coin is a good investment alternative but we’ll look at its rollout again – Governor Asiama

Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has announced that the central bank under his leadership is going to have a second look at the rollout of the gold coin initiative.

He described the initiative as a good investment alternative however, it is important to reassess its implementation strategy.

Answering questions during the 123rd Monetary Committee (MPC) press conference on Saturday, March 28, Dr Asiama said, “yes, the gold coin was introduced sometime last year. Broadly, gold and gold-related instruments have been doing pretty well, but the gold coin rollout needs to needs to be looked at again.

“My information is that we have been meeting with banks, and we are trying to put some life back into it again. Very soon, you will see some action as far as the gold coin is concerned. It is a good investment alternative. If you notice, in this country, you can only do three things: you buy T-Bills, you buy fixed deposits, you buy FX. But I believe there should be different alternatives, bonds, and what have you. so we are working on it, we will come back again on the gold coin.”

“We assure that that will become a good instrument of choice for Ghanaians very soon,” he stressed.

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Under former Governof Dr Ernest Addison, the BoG launched its gold coin, markin it the first time the central bank was issuing  gold coins as an alternative investment asset available to the general public.

Individuals, he said,  could purchase it in three different ounce options at all commercial banks across the country.

”Now, if you don’t buy dollars, you will buy treasury bills or bonds. We are giving you an opportunity from the domestic gold purchasing programme to also buy gold.  This is what we are trying to launch now and we call it Ghana gold coin,” he said.

“The Ghana gold coin is manufactured from gold dug out of Ghana which has been refined to 99% purity.  It is issued and guaranteed by the bank of Ghana.”

Dr Addison added ”It will be available in three different units. That is the one-ounce coin, the half-ounce coin and the quarter ounce coin to suit different investment needs.

“The Ghana gold coin enables the Bank of Ghana to mop up extra liquidity in the banking sector and will supplement the use of Bank of Ghana bills  and  overnight inflows for  liquidity management, It gives savers  an additional avenue to invest, rip the benefits of the BoG domestic gold purchase programme ”

 

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