Bank of Ghana Slashes Currency Issuance Costs

The Bank of Ghana (BoG) drastically cut its spending on printing new money and minting coins. The central bank spent GHS 471 million in 2025. This is a large drop from the GHS 986 million spent in 2024. The annual financial report for 2025 shows these figures.

The cost of printing new notes and coins went down. It fell from GHS 986 million in 2024 to GHS 277 million in 2025. However, some expenses did rise. Agency fees for currency services increased to GHS 10.6 million. Other operational costs for currency also went up. These particular expenses grew from GHS 14.6 million in 2024 to GHS 183 million in 2025. The cost of importing foreign currency also saw a slight increase, from GHS 14.4 million to GHS 16.5 million.

This reduction in issuance costs is happening while more money is circulating. The total amount of cash in Ghana rose. It increased from GHS 71.6 billion in 2024 to GHS 83.8 billion in 2025. Cash in circulation means all the banknotes and coins that people and banks hold. This figure, GHS 83.8 billion, represents the total value of money actively used in the Ghanaian economy. These trends offer a glimpse into the country's monetary policy and economic activity.

According to the Bank of Ghana, cash in circulation is the total value of banknotes and coins available to the public and financial institutions. This figure is recorded at its face value. The central bank's own holdings are subtracted to determine the net liability. These disclosures are detailed in the Bank of Ghana's official 2025 Financials report. This information provides vital data for understanding the central bank's operations and the state of the Ghanaian economy.

The decrease in currency issuance costs suggests improved efficiency or a change in printing strategy by the BoG. This could signal careful management of public funds. The rise in cash in circulation broadly indicates increased economic activity or perhaps precautionary hoarding by the public. Investors and economists will watch these trends closely. They will monitor whether this efficiency continues and how the increased cash supply impacts inflation and economic growth in the coming year.