Grapevine

By My Joy Online
Sep 28, 2024

Prof Bokpin: Ghana Gold Coin won’t solve Cedi depreciation

Finance professor, Godfred Bokpin

Economics Professor Godfred Bokpin has expressed doubts about the effectiveness of the newly launched Ghana Gold Coin as a solution to the persistent depreciation of the cedi.

The Bank of Ghana (BoG) unveiled the Ghana Gold Coin on Friday, as part of its domestic gold programme, aimed at curbing dollar hoarding and stabilising the local currency.

According to the BoG, the initiative seeks to absorb excess liquidity in the market and strengthen the cedi against major trading currencies.

The gold coin, which will be available in three denominations — one-ounce, half-ounce, and quarter-ounce — will be sold through commercial banks within two weeks.