The investment appeal of the Bank of Ghana’s gold coins has taken a hit as the Ghana cedi continues to appreciate against the US dollar, causing a dip in their value when measured in foreign currency terms.
Despite slight price increases in local currency, the strengthening of the cedi is eroding the dollar-equivalent returns of the central bank’s gold coins—introduced as part of measures to reduce dollar hoarding and absorb excess liquidity.
As of Monday, 21 July 2025, the Bank of Ghana announced updated pricing for the gold coins, with modest adjustments in cedi terms. The quarter-ounce coin now sells for GHS 9,685, up from GHS 9,585 last Friday. The half-ounce coin is priced at GHS 18,653, while the full one-ounce version is selling for GHS 36,631.
While the new prices mark a marginal rise in local currency, the continued appreciation of the cedi means the coins now offer lower returns for investors tracking value in dollar terms.
The Bank of Ghana launched the gold coins to provide a viable investment alternative, promote a culture of savings in gold, and reduce pressure on the local currency.
However, the recent currency gains—though positive for macroeconomic stability—are beginning to dampen enthusiasm among investors who favour hard currency-linked assets.
Analysts suggest the trend could persist if the cedi maintains its current trajectory, potentially prompting a re-evaluation of gold coin investment strategies in the near term.
