The central bank’s main interest rate was more than doubled this month to 200% after the annual rate of inflation rose above 190%.

Each coin will be priced at the international market rate for an ounce of gold plus 5% for production costs.

As of Friday, an ounce was worth about $1,724 (£1,435).

It will be possible use the coins in shops, if they have enough change, according to the governor of the Reserve Bank of Zimbabwe, John Mangudya.

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The coin is called “Mosi-oa-Tunya” which means “The Smoke Which Thunders” and refers to Victoria Falls, on the border between Zimbabwe and Zambia.

Zimbabwe’s dollar slumped in value against major currencies this year.

The country still remembers the economic chaos under the late Robert Mugabe, who ruled for almost four decades.

Hyperinflation forced it to abandon the Zimbabwe dollar in 2009, and it opted instead to use foreign currencies, mainly the US dollar.

During the worst of the crisis the government stopped publishing official inflation figures but one estimate put the inflation rate at 89.7 sextillion percent year on year in mid-November 2008.

At the time, the one hundred billion Zimbabwe dollar bank note was seen as an emblem of the nation’s economic collapse.

The local currency was reintroduced a decade later but it has rapidly lost value again.

The country’s central bank also outlined plans to make the US dollar legal tender for the next five years.

The central bank’s main interest rate was more than doubled this month to 200%, after the annual rate of inflation rose above 190%.

Zimbabwe’s dollar has slumped in value against major currencies this year.

The gold coins, which will contain one troy ounce of 22-carat gold, will be available from 25 July, John P Mangudya, the governor of the Reserve Bank of Zimbabwe, said in a statement.

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A troy ounce is a unit of measure used for weighing precious metal – such as gold, silver and platinum – that dates back to the Middle Ages. One troy ounce is equal to 31.10g.

“The gold coins will be available for sale to the public in both local currency and US dollars and other foreign currencies at a price based on the prevailing international price of gold and the cost production,” Mr Mangudya added.

The statement also said each coin will be identified with a serial number and can be easily converted to cash, locally and internationally.

It will be called the “Mosi-oa-Tunya Gold Coin”, which means “The Smoke Which Thunders,” a reference to Victoria Falls that is located on the border between Zimbabwe and Zambia.

The announcement is part of the Zimbabwe government’s measures to tackle the country’s currency crisis.

Last month, the annual rate of inflation hit 191.6%, while the Zimbabwean dollar has lost more than two-thirds of its value against the US dollar since the start of 2022.

From 1 July the Reserve Bank of Zimbabwe’s main interest rate was raised from 80% to 200% a year, in a bid to deal with the rising cost of living.

Soaring inflation has piled pressure on President Emmerson Mnangagwa in a country that still remembers the economic chaos under Robert Mugabe’s almost four decades of rule.

Hyperinflation forced the country to abandon the Zimbabwe dollar in 2009, and it opted instead to use foreign currencies, mainly the US dollar.

During the worst of the crisis the government stopped publishing official inflation figures but one estimate put the inflation rate at 89.7 sextillion percent year-on-year in mid-November 2008.

At the time, the one hundred billion Zimbabwe dollar bank note was seen as an emblem of the nation’s economic collapse.

The local currency was reintroduced a decade later but it has rapidly lost value again.

Following the launch of the Otumfuo Gold Coin on December 12, 2021 to recognise Otumfuo Osei Tutu II for his tremendous role in peacebuilding and national development, the organisers of the event, E ON 3 Group, have embarked on special presentations of the Gold Coin to selected personalities.
 
KGL Group acquired the first of the 24- karat Commemorative Gold Coin for GH¢1million.

Otumfuo Osei Osei Tutu II, in whose honour the gold coin was launched, has also been presented with the second gold coin.

Top on the list is President Akufo-Addo who will be receiving the 3rd coin. The Vice President is billed to receive the 4th gold coin.

Speaker of Parliament Alban Bagbin, Chief Justice Kwasi Anin Yeboah and former President John Agyekum Kufuor will be presented with the 5th, 6th and 7th gold coins respectively.

Former President John Mahama and Chief of Staff Akosua Frema Osei-Opare are scheduled to receive the 8th and 9th gold coins.

The 10th gold coin goes to Dr Ernest Addision, the Governor of the Bank of Ghana.

Majority Leader, Osei Kyei-Mensah-Bonsu, will be presented with the 11th gold coin while Minority Leader, Haruna Iddrisu, will be receiving the 12th gold coin.

Ogyeahoho Yaw Gyebi II, President of the National House of Chiefs, will be presented with the 13th gold coin; Rev. Dr. Ernest Adu-Gyamfi will be receiving the 14th gold coin; Executive Chairman of Jonah Capital, Sir Sam Jonah will be presented with the 15th gold coin.

Also, the National Chief Imam Sheikh Osmanu Nuhu Sharubutu is scheduled to receive the 16th gold coin. Minister of Lands and Natural Resources, Samuel Abu Jinapor will be presented the 17th gold coin and Rev. Daniel Ogbarmey Tetteh, Director – General of Securities and Exchange Commission is slated to receive the 18th gold coin.

Attorney General and Minister of Justice, Godfred Yeboah Dame, will be presented with the 19th gold coin.

The Chief of the Defence Staff, Rear Admiral Seth Amoama, is set to receive the 20th gold coin. The Inspector-General of Police, Dr George Akuffo Dampare will receive the 21st gold coin, while Mr Frank Adu, former Managing Director of Cal Bank receives the 22nd gold coin.

Also, to receive the gold coin at a special event is the Ya Na Abukari II. Other Kingdoms and personalities in Africa, as well as other parts of the world, will also be presented with the gold coin at later dates.

Key among Otumfuo’s achievements is the Dagbon Peace Initiative where he led the Committee of Eminent Chiefs to broker peace between the two feuding royal gates after many years of a biting chieftaincy dispute.

His Royal Majesty is also celebrated for calming tension in the buildup to the 2012 General Elections when he got the presidential candidates for the contesting political parties to meet in Kumasi to commit to peace by signing on to the famous Kumasi Declaration.

Otumfuo is also credited for stepping in to amicably resolve the conflict between Techiman and four towns that owe allegiance to the Golden Stool.

When the Kwame Nkrumah University of Science and Technology (KNUST) was plunged into crisis in October 2018, Otumfuo was at hand to douse the flames and restore normalcy to the institution.

Within Asanteman, Otumfuo Osei Tutu II has ensured that all chieftaincy disputes that disturbed the progress of Asanteman were settled peacefully.

In recognition of his immense accomplishments in peacebuilding, the President of the 73rd  Session of the United Nations General Assembly invited him to address the UN General Assembly High-Level Forum on Culture of Peace during the 25th anniversary of the Adoption of the Declaration and Programme of Action on Culture of Peace on September 12, 2019.

Access Bank is the official banking partner of the Gold Coins, Gold Coast Refinery is the official minting company for the Commemorative Gold Coins, Precious Minerals Marketing Company (PMMC) is keeping custody of the Gold Coins, while Coronation Insurance is the official insurance company.

This is because, for more than two decades since he ascended the Golden Stool, he has not concentrated his peace initiatives to only Asanteman.

He emphasised he has ensured that the entire country benefitted from every initiative taken to ensure peace thrives.

The Asantehene made these remarks when he officially received his gold coin at the Manhyia Palace on Monday, December 20, 2021.

It was presented by officials of Access Bank (the official bankers), Gold Coast Refinery ( minters of the gold coin) and the E ON 3 Group, a business solutions provider, which powered the launch of the gold coin.

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The 24-carat gold coins were approved by the Bank of Ghana in honour of his 20^th anniversary as the Asantehene.

The coin weighs at least 31.104g and has a diameter of 37mm.

The commemorative coin will be exclusively auctioned to the public and proceeds used to fund the establishment of the Cultural Resource Centre.

The resource centre will also promote traditional and customary conflict resolution in the country.

The 24-carat gold coins were approved by the Bank of Ghana in honour of his 20^th anniversary as the Asantehene.

The coins will weigh at least 31.104g and have a diameter of 37mm.

The front of the coin has an image of Otumfuo adorned in royal outfits coupled with some adinkra symbols Obi nka bi to wit, no one should bite the other and Mpatabo which is a symbol of peace and reconciliation on it.

The back also captures an image of the golden stool said to be the royal and divine throne of kings of the Ashanti people and the ultimate symbol of power in Asante.

Born Nana Barima Kwaku Duah, Osei Tutu II is the 17^th Asantehene of the Asante Kingdom.

He was enstooled on 26 April 1999.

The commemorative coin will be exclusively auctioned to the public and proceeds used to fund the establishment of the Cultural Resource Centre.

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The resource centre will also promote traditional and customary conflict resolution in the country.

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