BoG Slashes Currency Printing Cost as Cash Circulation Climbs to GH¢83.8bn
Printing and minting costs drop sharply despite rise in overall currency expenses and growing cash circulation.
- Currency issuance cost dropped to GH¢471m in 2025
- Printing and minting costs fell to GH¢277m
- Other currency expenses jumped to GH¢183m
The Bank of Ghana (BoG) significantly reduced its currency issuance cost to GH¢471 million in 2025, even as the total cash circulating in the economy climbed to GH¢83.8 billion.
The central bank’s 2025 Financial Statement shows a notable decline in spending on currency issuance, down from over GH¢1 billion in 2024 to GH¢471 million.
Costs associated with printing banknotes and minting coins dropped sharply from GH¢986 million in 2024 to GH¢277 million in 2025, driving the overall reduction.
However, not all cost components followed the same trend. Agency fees rose modestly to GH¢10.6 million, while other currency-related expenses surged significantly from GH¢14.6 million in 2024 to GH¢183 million in 2025.
Additionally, expenses on the importation of foreign currency increased from GH¢14.4 million to GH¢16.5 million within the same period.
Cash Circulation Trends:
Despite the reduction in issuance costs, currency in circulation recorded a steady increase, rising from GH¢71.6 billion in 2024 to GH¢83.8 billion in 2025.
The Bank of Ghana defines currency in circulation as the total value of banknotes and coins held by the public and financial institutions, measured at face value.
The central bank further clarified that its liability for issued currency reflects the net value after deducting notes and coins held within the Bank.
