Total amount of cedis in circulation in 2021 reached GHS 25bn – BoG says
The 2021 audited financial statements from the Bank of Ghana has disclosed that the total amount of cedis in circulation for last year experienced some increment of GHS 2 billion hitting GHS 25 billion.
According to the report, out of the GHS 25 billion in circulation, GHS 24.8 billion were notes and the remaining GHS 365 million were coins.
In terms of the notes in circulation, GHS 6.53 billion of the GHS 200 note was in circulation in 2021. This is compared with GHS 4.32 billion the previous year.
The GHS 50 note followed, with GHS 5.56 billion in circulation in 2021, as against GHS 5.71 billion in 2020.
For the GHS 100 note, GHS 4.31 billion were in circulation in 2021 compared to GHS 3.39 billion in 2019.
The GHS 20 and GHS 10 notes in circulation in 2021 were GHS 4.89 billion and GHS 2.44 billion respectively. This is against GHS 5.42 and GHS 2.99 billion respectively in 2020.
On the other hand, GHS 874.31 million, GHS 6.50 million and GHS 239.97 million of the GHS 5, GHS 2 and GHS 1 notes were in circulation in 2021. This is compared to GHS 1.04 billion, GHS 88.9 million and GHS 179.03 million in 2020.
For the coins, GHS 38.29 million of the GHS 2 was in circulation in 2021, as against GHS 42.89 million of the GHS 1.
With regard to the 50 pesewa, 20 pesewa and 10 pesewa coins, GHS 111.86 million, GHS 110.72 million and GHS 49.90 million were in circulation last year.
Analysts are attributing the increase in money circulation to the high inflation rate which has witnessed consistent rise over the past 5 months to hit 19.4% ending March this year.
Additionally, the Bank of Ghana’s 2021 Audited Financial Statement has revealed that it spent GHS 179 million to print more cedi notes.
This is, however, far lower than the GHS 347.8 million used in 2020.
BoG grows total assets value by GHS 14.5bn in 2021
Meanwhile, the Bank of Ghana (BoG), for the 2021 fiscal year grew its assets value by 14.5 billion
The Bank, per data provided in its 2021 Financial Statement, ended 2021 with a total assets value of Ghs 112.3 billion.
The Central Bank’s 2021 assets value compared to the Ghs 97.8 billion assets value recorded in 2020 represents over 14.9 percentage points increment year-on-year.
Assets value of the Central Bank was driven mainly by its securities holdings – both foreign and local.
Total value of securities held by the BoG for the period under review was Ghs 70.4 billion, an increase of some Ghs 3.8 billion from the 2020’s value of Ghs 66.6 billion.
Other factors such as the value of the Central Bank’s gold reserves, balances with the IMF and loans and advances to banks also contributed to the Bank’s increased assets value for the review period.
The value of the Bank’s gold reserves at the end of the reporting period stood at Ghs 3.08 billion, with its balances with the IMF also pegged at Ghs 11.8 billion.
Loans and advances made to the 23 commercial banks in the country by the Bank stood at Ghs 17.1 billion as at the end of 2021.
