By The Bank of Ghana set the buy-sell price for its one-ounce gold coin at GH¢50,825.71 on Wednesday, September 2, offering investors a fresh local-currency reference as international gold prices remain elevated.
The central bank’s daily pricing notice also put the half-ounce coin at GH¢25,764.80 and the quarter-ounce coin at GH¢13,257.23. The notice listed the prices as buy/sell prices and did not provide a separate bid-offer spread, transaction volume or the number of coins available.
The local prices were published alongside an LBMA afternoon price of $4,353.15 an ounce for the previous day’s close. The Bank of Ghana also cited a previous-day Bloomberg USD/GHS reference rate of 11.2750. Those inputs provide the immediate bridge between the international gold market, the cedi and the domestic coin price.
At the published one-ounce price, the cedi value is about GH¢11.68 per dollar when divided by the quoted gold price and the stated dollar exchange reference. That comparison is only an indication of the pricing relationship, not a measure of the coin’s premium or a tradable exchange rate. The central bank does not disclose the calculation formula or any fabrication, distribution or administrative charge in the notice.
Gold’s dollar price and the cedi exchange rate therefore matter in opposite ways for local buyers. A higher international gold price raises the cedi value of an unchanged one-ounce coin. A weaker cedi has the same effect when the dollar gold price is unchanged. A stronger cedi or a lower bullion price would work in the other direction, all else equal.
The reference is also relevant to Ghana’s wider gold-market policy. The Bank of Ghana has been publishing daily Ghana Gold Coin prices as part of a domestic market that gives investors access to a physical gold-linked asset in cedis. The notice itself does not say how the coins were sold on September 2, whether demand exceeded supply or how the price compared with the previous day.
That missing information limits what investors can infer from the headline price. A daily price is not the same as a market close: it does not reveal turnover, the number of buyers, the size of any premium or whether transactions cleared at the quoted level. Investors comparing the coin with bullion products or gold-linked securities would need those details, as well as storage and resale terms, before drawing a return comparison.
The notice also shows why the cedi remains part of the investment decision. An investor who buys the coin for local-currency protection may gain if gold rises or the cedi weakens, but the outcome depends on the price at resale and the costs of buying and selling. The published figure is a reference point, not a promise of a return.
For Ghana’s financial markets, the next useful data point will be whether the Bank of Ghana publishes a consistent series alongside transaction or issuance information. Until then, the September 2 prices show the level at which the central bank valued the three coin sizes, while leaving demand and the effective investor premium unreported.
