Currency printing costs BoG GHS 675m in 2023
The Bank of Ghana has revealed in its 2023 Annual Report that some GH¢675.4 million was spent to print currencies in 2023.
This is a 107.4% increase over the GH¢325.64 million spent in 2022.
The report further reveals that the Central Bank spent GHS 7.32 million in 2023 on other currency management operations, as against GHS 6.54 million spent in 2022.
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 GHS 688.87 million.
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 cedi 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.
