Ghana Launches Gold Coin to Boost Savings
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News Date: September 28, 2024
The Bank of Ghana has introduced a new gold coin to enhance money-market liquidity and promote domestic savings.
Made from locally mined gold, the coin is refined to 99.99% purity.
It is issued and guaranteed by the central bank, with three available sizes: one ounce, half ounce, and quarter ounce, according to Governor Ernest Addison.
The initiative aims to strengthen Ghana's financial market and savings culture.
"The Ghana gold coin enables the Bank of Ghana to mop up excess liquidity in the banking sector and will supplement the bank's bills for liquidity management. It gives those resident in Ghana an additional avenue to invest to reap the benefits of the Bank of Ghana???s domestic gold purchase program." Addison said.
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In response to sanctions and being cut off from SWIFT, the Bank of Russia has developed its own payment system, which has already seen participation from several countries.
Matviyenko announced that progress on the BRICS digital payment platform is ongoing.
"The creation of the independent financial payment platform BRICS Bridge, a standalone mutual payment system on a firm joint platform, is now being discussed within BRICS.
I have spoken both with the Central Bank and the Finance Ministry, things are moving along nicely," she said in a press conference.