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BoG’s cost of printing currencies went up by 107% as it spent GH¢675.4 million in 2023

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The 2023 Annual Report and Financial Statement released by the Bank of Ghana has revealed the bank spent GH¢675.4 million to print currencies in 2023.

The report said the amount is a 107.4% increase over the GH¢325.64 million recorded in 2022.

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

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Agency fees stood at GH¢6.136 million in 2023, as against GH¢4.75 million the previous year.

This put the total currency issue expense in 2023 at ¢688.87 million, the report said.
According to the report, GH¢44.55bn were in circulation in 2023.

Overall, GH¢44.55 billion were in circulation in 2023, as against about ¢36.07 billion in 2022.
On deposits in various currencies, GH¢29.7 billion in 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.

Also, 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 were in circulation in 2023, as against 207.49 million of the GH¢1.

About 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.

By: Rainbowradioonline.com/Ghana

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