Bank of Ghana spends GH¢675.4m on currency printing in 2023, reflecting 107.4% increase

The 2023 Annual Report and Financial Statement of the Bank of Ghana reveals that the central bank spent GH¢675.4 million on printing currency in 2023, marking a significant 107.4% increase from the GH¢325.64 million expenditure in 2022.

Additionally, GH¢7.32 million was spent on other currency management operations, up from GH¢6.54 million the previous year. Agency fees also rose to GH¢6.136 million from GH¢4.75 million in 2022, bringing the total currency issue expense for 2023 to GH¢688.87 million.

Currency in circulation

The report further highlights that the overall currency in circulation reached GH¢44.55 billion in 2023, compared to about GH¢36.07 billion in 2022. The deposits in various currencies were distributed as follows: GH¢29.7 billion in cedis, GH¢16.9 billion in dollars, GH¢988 million in pounds, and GH¢4.68 billion in euros, with other currencies totaling GH¢25.45 million.

Breakdown of notes and coins

In terms of specific denominations, GH¢12.32 billion worth of GH¢200 notes were in circulation in 2023, up from GH¢9.87 million the previous year. The GH¢100 notes saw an increase to GH¢14.57 billion from GH¢8.69 billion in 2022.

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

Meanwhile, the GH¢5, GH¢2, and GH¢1 notes had GH¢1.09 billion, GH¢31.6 million, and GH¢11.27 million in circulation.

Regarding coins, GH¢231.02 million of the GH¢2 coins were in circulation in 2023, up from GH¢207.49 million of the GH¢1 coins. The 50 pesewa, 20 pesewa, and 10 pesewa coins had circulations of GH¢253.56 million, GH¢120.99 million, and GH¢54.64 million, respectively.