BoG Introduces Ghana Gold Coin to Boost Financial Markets and Hedge Against Inflation
First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, says the Ghana Gold Coin (GGC) was introduced to deepen the country’s financial markets and offer alternative investment options.
The GGC is a high-purity, investment-grade gold coin designed to serve as a store of value, hedge against inflation, diversify portfolios, and act as a monetary policy tool to manage excess liquidity.
“Overall, the GGC has opened new avenues for wealth preservation and portfolio diversification, especially in times of market uncertainty,” Dr Mumuni said at CNVERGE ’25, Africa’s premier trade banking thought impact event, on Wednesday, August 6.
Dr Mumuni noted that the Domestic Gold Purchase Programme (DGPP) has strengthened reserves, stabilised the exchange rate, and helped ease inflation. These developments have improved Ghana’s credit profile from restrictive default to B- with a stable outlook in June 2025, boosting investor confidence.
Since its inception, and as of June 2025, the DGPP has enabled the BoG to purchase 145.95 tonnes of gold. Of this, 86.77 tonnes were sold for foreign exchange to bolster reserves, 32.99 tonnes are now held physically (up from 8.74 tonnes), and 27.63 tonnes were used to settle 1.95 million metric tons of petroleum imports under the Gold for Oil (G4O) Initiative.
Highlighting Ghana’s long history of gold production, Dr Mumuni said the country ranked first in Africa and seventh globally in 2019, yet added nothing to its reserves that year — even as central banks worldwide acquired 670 tonnes of gold for diversification. Until 2022, gold played little role in Ghana’s reserve portfolio, with the country relying heavily on cocoa syndicated loans and Eurobond inflows.
To address this gap, Ghana studied domestic gold purchase programmes in countries such as the Philippines, Ecuador, South Africa, Turkey, and Mongolia before launching its own initiative.
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