An Economist and lecturer at the Wisconsin International University College Dr. Samuel Worlanyo Mensah has opined that the introduction of the Ghana Gold Coin will help control inflation in the economy.
Bank of Ghana (BoG) on November 27 officially introduced the Ghana Gold Coin (GGC) as a new financial instrument to diversify investment options for the public.
This aims to offer the public an innovative investment avenue while bolstering the country’s financial instruments portfolio.
Speaking on Univers Business on the introduction, Dr. Worlanyo Mensah highlighted some benefits of the Ghana Gold Coin.
According to him, the introduction of gold coins is a strategic move by the government to control inflation and stabilize the economy as it aims to reduce the amount of money in circulation and limit the purchasing power of individuals.
“The introduction of the gold coins and others are to control inflation. It is generally to control inflation and to be able to see some appreciable level of economic stability. I think that introduction of these gold coins was to control the amount of money in circulation and also the purchasing power of granules.”
Dr. Worlanyo Mensah however cautioned on the level of public education done before the introduction of the gold coin.
He believed that lack of public education and awareness about new policies and programs in Ghana is a major concern.
“Without proper education, there is a risk that IT-savvy individuals may take advantage of unsuspecting investors through unregulated digital platforms, leading to potential financial disasters.”
“We have not done much public education. There should be some much more, public education, public orientations, before, rolling out such, policies and programs because the risk associated with it is that, people who are IT inclined are likely to defraud people who might have a genuine mind to invest. There is a likelihood that people will use other platforms, digital platforms to market these products, but they are not legally binding. And that may be a recipe for disaster.”
Story by: Sarah Esinam Atiemo | univers.ug.edu.gh
