Stop hoarding dollars and  buy gold  instead –  BoG advises Ghanaians

The Advisor to the Governor of the Bank of Ghana (BoG) on Financial Markets,  Dr Stephen Opata has advised Ghanaians to stop buying and hoarding dollars due to the changes in the exchange rate but rather focus on buying gold.

According to him, there are other investments Ghanaians can invest in but advises that if anyone wants to invest, it is important to invest in gold instead of buying dollars and hoarding same.

“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 disclosed that an ounce of Gold in the market is $2600 while adding that it is unnecessary to buy gold and hoard due to the interest rate but rather buy gold because it is also a resilient investment portfolio to have.

It would be recalled that the Bank of Ghana (BoG) unveiled the Ghana Gold  Coin, a new investment initiative aimed at reducing dollar hoarding among Ghanaians, especially the business community.

As part of the domestic gold programme, this initiative seeks to absorb excess liquidity in the market and strengthen the local currency against major trading currencies.

According to reports, the coin will be available in three denominations: a one-ounce coin, a half-ounce coin, and a quarter-ounce coin, and will be sold in commercial banks within two weeks.

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