The Bank of Ghana reduced gold coin prices due to the cedi’s 6-9% appreciation, bolstered by IMF support, stabilizing currency and building investor confidence
The Bank of Ghana (BoG) has reduced the prices of its gold coins, reflecting the recent appreciation of the Ghanaian cedi.
On December 5, 2024, the gold coins—minted in three denominations of 1 oz, 0.5 oz, and 0.25 oz—were priced at GH₵41,305, GH₵21,057, and GH₵10,964, respectively. This marks a decline from the November 26 prices of GH₵45,020, GH₵22,409, and GH₵11,188.
The cedi’s recent gains are attributed to the successful conclusion of Ghana’s third IMF review and the release of a $300 million tranche by the IMF. Between October and November, the cedi appreciated by 6% against the dollar, 7.6% against the pound, and 9.1% against the euro, according to the BoG.
The pricing of the gold coins is pegged to the London Bullion Market Association’s (LBMA) PM gold price of $2,648, converted at a Bloomberg exchange rate of $1 to GH₵14.900.
Part of the BoG’s domestic gold program aims to absorb excess market liquidity and support the cedi amid economic challenges. By linking the gold coin to Ghana’s gold reserves, the central bank seeks to stabilize the currency and build investor confidence. Analysts commend the move as a strategic use of Ghana’s gold assets to strengthen economic resilience and preserve wealth.
