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Otumfuo’s commemorative gold coin won’t be a legal tender – BoG governor

Gold Coins1212 The gold coin

Mon, 13 Dec 2021 Source:

A commemorative gold coin has been launched in honour of Otumfuo Osei Tutu II

It is a 24-carat gold coin

BoG says it won't be a legal tender

Dr Ernest Kwamina Yedu Addison, the governor of the Bank of Ghana, has assured Ghanaians that, the commemorative gold coin to be issued in honour of Otumfuo Osei Tutu II will not be a legal tender.

According to him, the gold coin will not be used as a medium of exchange because it will not have any monetary value and it is not expected to be on a display.

Speaking at the launch of the gold coin on Sunday, December 13, 2021, Dr Ernest Addison indicated, “the Bank of Ghana has followed with keen interest the painstaking effort of his Majesty in the mediation of peace in Dagbon and also in ensuring a peaceful transition of power from different political administrations over the past twenty years.

“Under the circumstances, the bank approved the issuance of a commemorative coin and offered to assist to procure the coin through appropriate channels. The gold coin will be of no monetary value, by that we mean it will not be a medium of exchange and not exactly a legal tender.”

He added: “As a result, the commemorative coin is not expected to display any face value to avoid the risk of being confused with legal tender in circulation. Your Royal Majesty In recognition of the invaluable role and your remarkable achievements, preservation of peace in the safeguarding of life, the development of Ghana and ensuring peaceful coexistence of the citizenry of Ghana, the Bank of Ghana proudly associate itself with the launch of this commemorative gold coin to climax your Majesty’s 20th year as the Asantehene.”

About the commemorative gold coin

Otumfuo Osei Tutu II, on Sunday, December 12, 2021, launched the 24-carat commemorative gold coins as part of celebrating 22 years of his contribution to the peace, stability and development of Ghana.

The launch was under the authorization of the Central Bank, the Bank of Ghana, for Gold Coast Refinery Limited to mint the commemorative gold coins to celebrate the Asantehene.

This is the first time in the history of this country that non-circulating commemorative coins meant to celebrate and honour people, places, events and institutions are being issued.

The commemorative gold coin was issued at the Manhyia Palace in Kumasi, Sunday marked the last celebration of the Akwasidae festival. The auction of the gold coins will be used to establish a multi-purpose Cultural Resource Centre in Kumasi to promote activities related to traditional and customary conflict resolution in the country.

Key features of the commemorative gold coins

The coins are of 99.99 per cent assay at 24-carat fine gold, with a diameter of 37mm and weight of 31.104 grammes each. It is described by the organizers as the ‘treasured collectors articles’.

“The face of the gold coins bears the image of the Asantehene, with the Adinkra symbols ‘Bi Nka Bi’ and ‘Mpatapo’, which symbolise peace, harmony and reconciliation.

“The reverse bears an image of the Golden Stool (Sika Dwa),” a statement from the organisers said.

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