Home - Ghana Gold Coin: Everything you need to know before buying

Ghanaians interested in investing in gold can purchase the Ghana Gold Coin (GGC), a financial asset made from traceable and responsibly mined gold sourced locally.

Introduced by the Bank of Ghana (BoG), the coin provides individuals with an opportunity to own physical gold without having to purchase gold bars or engage directly in the gold market.

Unlike ordinary currency, however, the Ghana Gold Coin is not legal tender and cannot be used to pay for goods and services. It is an investment asset designed to store value and can be bought and sold through participating commercial banks.

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What sizes are available?

The Ghana Gold Coin comes in three sizes to accommodate investors with different budgets:

One-ounce coin: Measuring 34mm.

Half-ounce coin: Measuring 27mm.

Quarter-ounce coin: Measuring 22mm.

Each coin is made from Ghanaian gold and features elements of the country's national identity.

The front bears Ghana's Coat of Arms, while the reverse displays the Independence Arch.

Each purchase also comes with a wooden storage box, a transparent coin holder and a certificate of ownership.

How is the price determined?

The price of the Ghana Gold Coin is linked to international gold prices and the exchange rate between the US dollar and the Ghana cedi.

The Bank of Ghana uses the previous day's London Bullion Market Association (LBMA) PM gold price and converts it into cedis using the previous day's closing USD/GHS exchange rate, based on Bloomberg's REGN mid-rate.

The official price is published on the Bank of Ghana's website daily by 9:00am GMT.

Prospective buyers are therefore encouraged to check the published price before visiting their banks, as the cost of the coin may fluctuate with changes in international gold prices and the exchange rate.

How to buy the Ghana Gold Coin

Purchases are made through commercial banks rather than directly from the Bank of Ghana.

Interested buyers are required to:

Visit their commercial bank and express interest in purchasing the Ghana Gold Coin.

Indicate the size of the coin and the quantity they wish to purchase.

Ensure they have sufficient funds in their bank accounts to cover the transaction.

Complete the required Know Your Customer (KYC) and Anti-Money Laundering (AML) checks.

Once an order is placed, the commercial bank submits it to the Bank of Ghana on the same day.

Payments are made electronically through bank transfers or mobile money. Cash payments are not accepted.

The Bank of Ghana does not sell the coins directly to members of the public.

There is currently no purchase limit, meaning buyers can acquire as many coins as they wish, provided they meet the required verification and compliance checks.

How can you sell your Ghana Gold Coin?

Owners who wish to sell their coins can also do so through commercial banks.

The process begins with checking the latest buying price published on the Bank of Ghana's website. The owner can then place a sale order through their bank and present the coin for authentication.

Where commercial banks are unable to buy back the coins, the Bank of Ghana has indicated its readiness to act as a buyer, although applicable discounts may apply.

Banks may also charge transaction fees, so sellers are advised to enquire about any applicable charges before completing a transaction.

How to identify a genuine Ghana Gold Coin

As with other gold investments, the risk of counterfeit products makes it important for buyers to verify the authenticity of their coins before purchasing or accepting them from another person.

One basic check is to examine the coin's weight and dimensions to ensure they correspond with the official specifications.

Buyers should also inspect the design and finishing. Blurred images, poor finishing or unclear markings could indicate a counterfeit product.

Another basic check is the magnet test. Genuine gold is not magnetic, so a coin that strongly reacts to a magnet should raise concerns. However, this test alone cannot establish the authenticity of a coin.

Buyers can also use the VeriScan application to scan and verify their coins. The application is currently available on iPhone, while an Android version is still in development.

Can the Ghana Gold Coin be traded outside Ghana?

For now, the Ghana Gold Coin cannot be traded outside Ghana. Its buying and selling arrangements are currently restricted to the local market through participating commercial banks.

Although it is made from gold and serves as an investment asset, it is not legal tender and should not be confused with ordinary Ghana cedi coins or banknotes.

Individuals interested in purchasing the coin are encouraged to visit the Bank of Ghana's official website for the latest prices and relevant information before placing an order.

ANAS/MA

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