Retail demand for Bank of Ghana’s Gold Coins and Ghana Gold Board’s Gold Tablets is beginning to moderate as a stronger cedi and softer international gold prices reduce the attractiveness of gold-based investments.
Sources within commercial banks and GoldBod retail outlets indicate that purchases of the products have slowed in recent months, while redemptions have edged higher as some investors seek to lock in gains accumulated during the gold rally of 2025 and early 2026.
The slowdown comes after a period of exceptional growth in demand driven by rising global gold prices and a depreciating local currency. During that period, investors benefited from significant capital appreciation as both international gold prices and the cedi value of gold increased sharply.
However, since February 2026, global gold prices have largely moved sideways while the cedi has maintained relative strength against major international currencies. The combination has reduced potential returns for investors and weakened the urgency to hold gold as a hedge against currency depreciation.
Analysts say investor behaviour is changing as a result. While speculative demand has eased, long-term investors continue to view gold as a useful diversification and wealth-preservation tool.
The GoldBod Gold Tablet programme, which targets smaller investors, is experiencing similar trends. Although demand remains positive, the pace of new purchases has slowed as households reassess investment options amid improving macroeconomic conditions.
Market experts believe demand for both products will remain moderate through the remainder of 2026 unless global gold prices resume a strong upward trajectory. Should bullion prices strengthen again, investor interest could rebound quickly despite continued cedi stability.
For now, however, Ghana’s retail gold market appears to be entering a consolidation phase after one of its strongest growth periods in recent years.
By: Toma Imirhe / businesspostonline
