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Money market: Ghana unveils a new coin to manage liquidity and stimulate savings

01/10/2024
Source : ORISHAS-FINANCE
Categories: Index/Markets

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Le Ghana a lancé une nouvelle pièce d' or intended to manage liquidity on the money market. This piece is made from locally mined gold.

La pièce, fabriquée à partir d' or extrait localement et raffiné à 99,99%, a été dévoilée par le gouverneur de la Banque du Ghana, Ernest Addison, à Accra vendredi . It is available in three sizes. These are one ounce, half ounce, and quarter ounce, issued and guaranteed by the central bank. This measure is part of the central bank's strategy to mop up excess liquidity and provide residents with alternative investment opportunities. The coins offer residents an alternative way to invest, benefiting from the central bank's domestic gold purchase program. The coins, whose price is based on the London Bullion Market Association auction price, will be available in commercial banks within two weeks

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noted that the central bank has purchased 65.4 tons of gold worth around $5 billion since it launched a national gold purchase program in June 2021 to increase foreign exchange reserves and increase gold holdings, as well as to implement a so-called gold-for-oil program, Addison said last month.

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