BoG’s cost of printing money surged to GH₵688.8m in 2023

The Bank of Ghana (BoG) reported a substantial increase in currency issue expenses for 2023, totaling GH₵688.8 million (GH₵688,871,000).
This amount includes an agency fee of GH₵6.1 million (GH₵6,136,000), a note printing cost of GH₵675.4 million (GH₵675,412,000), and other currency-related expenses amounting to GH₵7.3 million (GH₵7,323,000).

GH₵336.9m used to print money in 2022
In comparison, the currency issue expenses for 2022 were significantly lower, amounting to GH₵336.9 million (GH₵336,940,000).
This included an agency fee of GH₵4.7 million (GH₵4,758,000), a note printing cost of GH₵325.6 million (GH₵325,640,000), and other currency expenses totaling GH₵6.5 million (GH₵6,542,000).

GH₵80.9bn in circulation in 2023
The total currency in circulation for 2023, comprising both notes and coins issued, reached GH₵80.9 billion (GH₵80,969,199,000).

GH₵40.7bn in circulation in 2022
This figure is almost double the GH₵40.7 billion (GH₵40,733,769,000) that was in circulation in 2022, indicating that GH₵40.2 billion (GH₵40,235,430,000) was printed in 2023 alone.

Less cash accounts and agencies in 2023
When accounting for less cash in the account and agencies, the total currency in circulation in 2023 amounted to GH₵44.5 billion (GH₵44,558,730,000), a significant increase from GH₵36.4 billion (GH₵36,410,469,000) in the previous year.

Less cash accounts and agencies in 2022
Specifically, for less cash accounts and agencies, the total was GH₵36.4 billion (GH₵36,410,469,000), a substantial rise from GH₵4.6 billion (GH₵4,654,657,000) in 2022.

Notes and coins in circulation in 2023
The total notes in circulation in 2023 amounted to GH₵43.6 billion (GH₵43,679,500,000), while total coins in circulation were GH₵879.2 million (GH₵879,230,000).

The breakdown of currency in circulation for 2023 per denomination includes GH₵12.3 billion (GH₵12,370,848,000) in GH₵200 notes, GH₵14.5 billion (GH₵14,576,725,000) in GH₵100 notes, GH₵8 billion (GH₵8,064,612,000) in GH₵50 notes, and GH₵5 billion (GH₵5,065,516,000) in GH₵20 notes.

The other denominations are GH₵2.4 billion (GH₵2,463,579,000) in GH₵10 notes, GH₵1 billion (GH₵1,095,349,000) in GH₵5 notes, GH₵31.6 million (GH₵31,600,000) in GH₵2 notes, and GH₵11.2 million (GH₵11,271,000) in GH₵1 notes.

For coins in circulation, the breakdown includes GH₵231,024,000 in GH₵2 coins, GH₵207 million (GH₵207,497,000) in GH₵1 coins, GH₵253 million (GH₵253,565,000) in 50 Pesewa coins, GH₵120.9 million (GH₵120,996,000) in 20 Pesewa coins, GH₵54.6 million (GH₵54,642,000) in 10 Pesewa coins, GH₵10.3 million (GH₵10,331,000) in 5 Pesewa coins, and GH₵1.1 million (GH₵1,175,000) in 1 Pesewa coins.

eCedi is a pending solution
The central Bank has successfully complemented the cross-border transaction payment using the digital currency, eCedi, and an approved stablecoin from Singapore.
The successful completion of the cross-border transaction forms part of the first Proof of Concept (POC) as part of the Project Digital Economy Semi-Fungible Token (DESFT) which aims at supporting SMEs in Africa to engage in international trade without fear such as building relationships.
When eCedi is rolled out, it will positively affects the overall value of the money issuing function of BoG to the extent it will reduce operational costs related to printing, storage, transportation and replacement of banknotes and costs associated with delay in reconciliation and settlement.