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Dr Stephen Opata, the Advisor on Financial Markets to the Governor of the Bank of Ghana, recommended that Ghanaians should refrain from purchasing and stockpiling dollars because of the fluctuations in the exchange rate, and instead concentrate on purchasing gold.
He suggests that Ghanaians can explore different investment options but recommends investing in gold instead of stockpiling dollars if they choose to invest.
“We believe that Ghanaians must invest in any asset choices they want to make but having Gold as an investment at this time is a good one”. He noted
He revealed that the current market price for an ounce of Gold is $2600, and suggested that purchasing gold should not be driven by interest rates, but rather viewed as a strong addition to an investment portfolio.
The introduction of the Ghana Gold Coin by the Bank of Ghana was a strategy to discourage Ghanaians, particularly businesses, from hoarding dollars.
This program aims to reduce surplus funds in the market and enhance the value of the domestic currency compared to key trading currencies within the domestic gold program.
Reports suggest that the coin will come in three sizes: one ounce, half an ounce, and a quarter of an ounce, and will be stocked in commercial banks within a fortnight.
NKONKONSA.com
