Ghana’s central bank spent GH¢675.4m on currency printing in 2023

Ghana’s central bank, the Bank of Ghana (BoG), says it spent a whopping GH¢675.4 million to print currencies in 2023, this is a 107.4% increase over the GH¢325.64 million recorded in 2022.

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This was contained in the bank’s 2023 Annual Report and Financial Statement.

The report said the Central Bank also spent ¢7.32 million in 2023 on other currency management operations, as against ¢6.54 million in 2022.

Agency fees short up to GH¢6.136 million in 2023, as against GH¢4.75 million the previous year.

This puts the total currency issue expense in 2023 at ¢688.87 million. GH¢44.55bn were in circulation in 2023.

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Overall, GH¢44.55 billion were in circulation in 2023, as against about ¢36.07 billion in 2022.

Concerning deposits in various currencies, GH¢29.7 billion cedis were denominated, GH¢16.9 billion in dollars, GH¢988 million in pounds, and GH¢4.68 billion in euros. 

Other currencies were estimated at ¢25.45 million.

In terms of the notes in circulation, GH¢12.32 billion of the GH¢200 note was in circulation in 2023. This is compared with GH¢9.87 million the previous year.

For the ¢100 note, GH¢14.57 billion were in circulation in 2023, as against GH¢8.69 billion in 2022.

The ¢50, ¢20, and ¢10 notes in circulation in 2023 were GH¢8.06 billion, GH¢5.06 billion and GH¢2.46 billion, respectively.

On the other hand, GH¢1.09 billion, GH¢31.6 million and GH¢11.27 million of the ¢5, ¢2 and ¢1 notes were in circulation in 2023.

For the coins, ¢231.02 million of the GH¢2 was in circulation in 2023, as against ¢207.49 million of the GH¢1.

About the 50 pesewa, 20 pesewa and 10 pesewa coins, ¢253.56 million, GH¢120.99 million and GH¢54.64 million were in circulation last year.