Bank of Ghana spent GH¢675.4m to print currencies in 2023 - Report

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

The report stated that the amount represents a 107.4% increase over the GH¢325.64 million recorded in 2022.

Additionally, the report noted that the Central Bank spent GH¢7.32 million in 2023 on other currency management operations, compared to GH¢6.54 million in 2022.

Agency fees amounted to GH¢6.136 million in 2023, up from GH¢4.75 million the previous year.

This resulted in a total currency issuance expense of GH¢688.87 million in 2023, according to the report.

The report also indicated that GH¢44.55 billion were in circulation in 2023.

Overall, GH¢44.55 billion was in circulation in 2023, compared to approximately GH¢36.07 billion in 2022.

Regarding deposits in various currencies, there were GH¢29.7 billion in cedis, GH¢16.9 billion in dollars, GH¢988 million in pounds, and GH¢4.68 billion in euros. Other currencies totaled GH¢25.45 million.

In terms of notes in circulation, GH¢12.32 billion of the GH¢200 note was in circulation in 2023, compared to GH¢9.87 billion the previous year.

For the GH¢100 note, GH¢14.57 billion was in circulation in 2023, versus GH¢8.69 billion in 2022.

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

Additionally, GH¢1.09 billion, GH¢31.6 million, and GH¢11.27 million of the GH¢5, GH¢2, and GH¢1 notes were in circulation in 2023.

For coins, 231.02 million of the GH¢2 coin were in circulation in 2023, compared to 207.49 million of the GH¢1 coin.

Approximately 50 pesewa, 20 pesewa, and 10 pesewa coins — GH¢253.56 million, GH¢120.99 million, and GH¢54.64 million, respectively, were in circulation last year.