Bank Of Ghana's New Gold Notes Are The Answer To Galamsey

The Ghana gold coins were officially introduced by the Bank of Ghana (BoG) in an effort to increase bank liquidity.

This is the first time the central bank has made gold coins available to the general public as an alternative investment asset.

This means that people can now buy gold coins in three different ounces at all of the country’s commercial banks.

The Ghana gold coin is made of dore gold that has been refined to 99 percent purity and extracted from Ghana. The Ghanaian bank issued and guarantees it.

Nana Appiah Mensah, more commonly referred to as NAM 1, has been the subject of public debate ever since the launch of these gold coins.

Due to BoG’s recently introduced Gold coin, the CEO of the now-defunct gold company MenzGold has been in the news.

NAM 1 was the first businessman in Ghana to introduce this idea, but the government shut down his company because they suspected it was a Ponzi scheme without a license. Interestingly, Ghanaians have now been introduced to the same business idea by the Bank of Ghana.

Many people think that NAM 1 has been treated unfairly, but Nana Appiah Mensah said in an interview with Kwasi Aboagye on Peace FM on September 28 that he is very happy about the incident.

He stated that the introduction of BoG’s gold coin is the solution to the country’s current problems with illegal mining. He claims that this is intended to smooth out the “Galamsey” craze.

He explained his position by stating that since everyone is obsessed with owning gold to improve their lives, this might put an end to illegal gold mining and even open the door for every citizen to own or trade gold. He believes that this will eventually put an end to illegal mining, which has been a burden on the nation.

He went on to say that his company, MenzGold, started the same process to make it possible for nearly all Ghanaians to own, trade, or invest in gold to make life easier for everyone, but it was forbidden to finish what it started.

Therefore, if the Central Bank is doing the same thing now, especially at a time when illegal mining is flourishing, it is on track.

To make ends meat, he said, we don’t have to dig for every gram of gold in the ground. According to NAM 1, when the Europeans acquire gold, they transform it into what is known as Bullion (9999), then trade it on trading platforms.

The London Bullion Market Association (LBMA), whose members are given a recognized stamp, is what we call hallmarking in the gold business, according to Nana Appiah Mensah.

They hallmark the gold after it has been refined. In that sense, your gold is now accepted by all banks. Because of this, anyone with this kind of gold can even get a loan for three times what the gold costs.

This Is The First Gold Refinery In Ghana

NAM 1 went on to say that the bank does that because they are aware that the value of the gold can appreciate. He said, gold moves faster than any other commodity when compared to stocks and real estate business.

Compared to selling a home, selling gold is easier to do when you need to take care of an urgent situation. According to NAM 1, with the Gold coins issued by the Bank of Ghana, anyone can even obtain an insurance for himself and their families.

“It’s not hard to sell gold. He stated, “It is very simple, and you can also trade it in for more income.”

NAM 1 concluded his conversation with Kwasi Aboagye by stating that he doubts that any government can completely eradicate illegal mining in the country and that owning gold—a universal currency, can aid in reducing the Galamsey canker.

He suggested that, in order to make life easier for people, the Bank of Ghana should also create trading platforms.