In a welcome turn of events, the Bank of Ghana’s gold coin has witnessed a price drop as of December 9, 2024. The coins, available in one-ounce, half-ounce, and quarter-ounce variants, are now priced at GH₵41,001, GH₵20,905, and GH₵10,887, respectively. This downward adjustment in prices is a direct result of the Ghana cedi’s recent appreciation against the US dollar.
The cedi’s rally, largely attributed to the successful conclusion of Ghana’s third IMF programme review, has unlocked a $300 million tranche from the International Monetary Fund. This significant development has led to the cedi recording substantial gains against major international currencies, including the dollar, pound, and euro, between late October and November.
The pricing of the gold coin is determined based on the previous day’s London Bullion Market Association (LBMA) PM gold price of $2,648, converted using Bloomberg’s USD to GHS exchange rate of 14.900. This initiative is part of the central bank’s Domestic Gold Purchase Programme, aimed at reducing market liquidity and stabilizing the cedi amidst ongoing economic challenges.
With the price drop, Ghanaians can now invest in the gold coin at a more affordable rate, providing an opportunity for savers to reap benefits from the Bank of Ghana’s domestic gold purchase program.
Ruth Abla ADJORLOLO
